TLDRs;
Contents
- SpaceX is reportedly raising new funds that could push its valuation to $400 billion, making it the world’s most valuable private firm.
- The funding round includes a tender offer allowing employees to sell shares, offering liquidity while staying private.
- Commercial services like Starlink now dominate SpaceX’s revenue, reducing dependence on government contracts.
- With unmatched growth and a high launch cadence, SpaceX continues to outpace traditional aerospace companies and reshape the space economy.
SpaceX is reportedly eyeing a valuation of up to $400 billion in its latest capital raise, a staggering leap that would make it the most valuable private company on Earth.
The round is expected to include a tender offer that allows employees to sell shares to select outside investors, a practice the company has followed twice a year to provide liquidity without going public.
Founded over two decades ago, SpaceX has evolved from a risky startup betting on reusable rockets to a commercial powerhouse in both aerospace and satellite communications. The company’s valuation has multiplied more than 40 times since 2016, when it was reportedly worth $10 billion.
By October 2021, it had crossed the $100 billion mark and doubled that by early 2024. Its last tender offer in December 2024 placed the company’s worth at around $350 billion. Now, sources say the current fundraising could push that even higher, reaching an unprecedented $400 billion.
Employee Liquidity Without IPO
SpaceX’s use of regular tender offers has given employees and early investors a rare chance to cash out, all while the company avoids the pressures and transparency of the public markets.
The dual structure of this new round, combining a tender offer with the sale of new shares, allows SpaceX to raise fresh funds and reward insiders.
This approach also provides strategic flexibility, keeping the company in control while continuing to attract high-quality talent through equity incentives. It’s a model that other late-stage private tech firms are now watching closely.
Commercial Shift Driving Value
Notably, much of the recent growth in SpaceX’s valuation is tied to its business transformation. While the company once relied heavily on government contracts, it now generates the majority of its revenue through commercial channels, particularly its satellite internet service, Starlink.
Last month CEO Elon Musk revealed that SpaceX is on track to earn about $15.5 billion in revenue in 2025 alone, , with only $1.1 billion of that coming from NASA. That figure not only underscores its increasing independence from government support but also highlights the commercial maturity of Starlink, which now accounts for most of the company’s income.
Outpacing Aerospace Rivals
The pace at which SpaceX is scaling is unmatched in the aerospace industry. Traditional contractors, hampered by bureaucratic cycles and legacy infrastructure, cannot keep up. SpaceX’s aggressive launch schedule, over 130 successful missions in 2024 alone, has helped it capture more than 85 percent of the global payload mass sent to orbit.
With Starship development ongoing and Starlink continuing to expand its global reach, investors appear to be pricing in a future where SpaceX dominates not just space launch services, but also global communications and potentially even deep space transport.
