March 3, 2024

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SpaceX’s bidding value starts at $175 billion or more

SpaceX’s bidding value starts at $175 billion or more

(Bloomberg) — Elon Musk’s SpaceX has begun discussions about selling insider stock at a price that values ​​the closely held company at $175 billion or more, according to people familiar with the matter.

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America’s most valuable startup is discussing a tender offer that could range from $500 million to $750 million, said some of the people, who asked to remain anonymous because the information is confidential. SpaceX is considering a stock offering at $95 per share, the people said.

The terms and size of the bid offer can change depending on the interest of both insider sellers and buyers.

The $175 billion valuation is a premium on the $150 billion valuation the company obtained through a tender offer this summer. This increase would make SpaceX one of the 75 largest companies in the world by market value, on par with T-Mobile USA Inc. ($179 billion), and Nike Inc. ($177 billion), and China Mobile ($176 billion), according to data compiled by SpaceX. Bloomberg.

Read more: SpaceX tender offer reportedly values ​​company at around $150 billion

Representatives for SpaceX, formally known as Space Exploration Technologies Corp, did not immediately respond to a request for comment.

The Hawthorne, California-based company dominates the commercial space launch services market with its Falcon rockets. SpaceX also sends payloads to orbit for private customers, as well as for the National Aeronautics and Space Administration and other government agencies.

SpaceX also operates the Starlink internet service from space, which is anchored by a growing constellation of satellites in low Earth orbit.

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Bloomberg News reported last month that SpaceX is on track to generate revenue of about $9 billion this year across its rocket launch and Starlink businesses, with sales expected to rise to about $15 billion in 2024. The company is also discussing an initial public offering for Starlink. In late 2024 – an attempt to capitalize on strong demand for space communications.

-With assistance from David Ingels.

(Updates with details about SpaceX’s financials, and market cap comparison, in paragraphs four and eight.)

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