NEW YORK: Elon Musk has denied news reports that his rocket and satellite maker SpaceX is seeking a US$800bil valuation through a share sale.
“There has been a lot of press claiming SpaceX is raising money at US$800bil, which is not accurate,” Musk said in a post Saturday on his social media platform X.
“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” he said.
People familiar with the matter told Bloomberg News that SpaceX is preparing to sell insider shares in a transaction that would value the firm as much as US$800bil.
Such a sale would allow some investors and employees to cash in on some of their holding.
SpaceX is reportedly planning an initial public offering in the second half of 2026, news reports had stated.
The listing could include Starlink, SpaceX’s satellite Internet service.
This would mark a shift from Musk’s 2020 plan to list Starlink separately once revenue had stabilised. — Bloomberg
