According to a Friday report from Bloomberg News, Elon Musk’s company SpaceX is proposing to sell insider shares at a price that increases its estimated value to over $150 billion.
The article reveal that the corporation is first looking for a $750 million tender offer. It was the first private company to launch astronauts into orbit.
As it raised billions to fund its endeavors, its valuation has increased recently. According to Bloomberg, SpaceX is now offering shares at over $80 per.
Also CNBC January reports shows SpaceX was raising $750 million as part of a capital round that valued the company at $137 billion.
SpaceX has almost $5 billion in cash on hand, according to Bloomberg News.
While Musk praised his Space X team for the test of the next-generation spacecraft intended to transport passengers to the Moon, Mars, and beyond, Space X witnessed the most potent rocket ever constructed — Starship — explode on its first launch in April.
Reliable sources detailed Space X also successfully launched more than 50 additional satellites on Friday, expanding a constellation intended to provide broadband internet coverage.