SpaceX initiates a tender offer for insider shares at $97 each, pushing the company's valuation toward $180 billion
SpaceX, led by Elon Musk, plans to conduct a tender offer for insider shares at a price of $97 each, according to sources familiar with the matter. This increase in share price raises the overall valuation of the space and satellite company, bringing it closer to a value of around $180 billion, as reported by Bloomberg News on Tuesday.
The initially proposed tender offer, set at $95 per share and estimated to be between $500-750 million, has undergone an adjustment to $97 per share. The current valuation of the company stands at around $150 billion, placing it among the most valuable private firms globally, the report said.
With the current valuation the rocket company is positioned as one of the most valuable private companies globally.
SpaceX is actively expanding its space-based internet project, Starlink, with over 5,000 satellites in low-Earth orbit that deliver broadband internet services to global customers. According to SpaceX, Starlink has exceeded 2 million active users this year.
Bloomberg News reported last month that SpaceX is expected to generate revenues of approximately $9 billion this year from its rocket launch and Starlink ventures. Projections indicate that sales could climb to approximately $15 billion in 2024. Additionally, the company is in talks about a potential initial public offering (IPO) for Starlink, possibly as early as late 2024, aiming to take leverage of the strong demand for space-based communications.