Elon Musk’s SpaceX (SPACE) will offer insider shares for $97 apiece, increasing the company’s valuation to around $180B, as per a Bloomberg report that cited people familiar with the matter.
This represents a considerable rise from the previous expected valuation of $175B, as the space firm was evaluating offering shares at about $95 apiece.
However, the terms and size of the tender offer have not been finalized yet, according to the report.
The higher valuation is likely due to strong investor demand for the rocket maker’s shares and its rapidly expanding Starlink internet-from-space service, which crossed 2M active users this year.
SpaceX has also become a key launch provider for NASA, and has a major deal worth billions of dollars to develop its Starship rocket into a lunar lander to send astronauts to the moon.