Elon Musk’s SpaceX set to hit record $210 billion valuation in takeover bid, but still valued at less than TikTok: report

Elon MuskIt is EspaceX is reportedly poised to be valued at a record $210 billion in a tender offer, surpassing its previous estimate of $200 billion.

What happened: SpaceX plans to sell insider shares at $112 apiece, a higher price than expected. The move will bring the company’s value to around $210 billion, Bloomberg reported Thursday, citing sources familiar with the matter.

The company’s valuation was $180 billion in a December transaction, according to Bloomberg. The decision to price the tender offer higher than the $200 billion valuation discussed last month was driven by significant investor demand.

While the new valuation is a record for a private U.S. company, it remains below the $268 billion valuation of ByteDance Ltd.., the parent company of Tic Tac. SpaceX is now on par with some of the world’s largest publicly traded companies in terms of market capitalization.

The terms of the tender offer are not yet finalized and the size of the offer may change depending on the interest of insider sellers and buyers.

See also: Elon Musk could sell at least 100,000 new models at a lower cost next year: “Tesla has more than 50% of the US electric vehicle market”

SpaceX did not immediately respond to Benzinga’s request for comment.

Why is this important: The news of SpaceX’s valuation comes after the company won an $843 million contract from NASA for a historic mission. The contract, awarded to SpaceX by NASA, is to build a vehicle that will lift the International Space Station out of orbit around Earth when its operational life ends in a few years.

SpaceX’s valuation has been a topic of interest for some time now. In May, Musk said the company did not need additional capital and would instead repurchase shares. This was in response to media reports that the company had begun discussions about selling existing shares at a price that values ​​the privately held company at around $200 billion.

In March, it was reported that if SpaceX went public, its valuation would rise to around $175 billion, which would immediately put it in a market cap position alongside tech veterans such as Intel Company And IBM.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote