SpaceX plans an internal stock sale at $212 per share, valuing the company at $400 billion. Elon Musk's space exploration company SpaceX is reaching a new valuation peak — according to sources, the company plans to lock in its valuation at $400 billion through an internal stock sale, a 14% increase from last December's $350 billion. This figure not only secures SpaceX's position as the world's most valuable private startup but also allows it to rival top companies in the S&P 500 index, surpassing established giants like Bank of America and Procter & Gamble.

In this internal stock transaction, employees and affiliated individuals can sell shares at $212 each, a 15% premium over last December's $185, involving a scale of about $1 billion.

Notably, the leap from $350 billion to $400 billion in SpaceX's valuation took only half a year, backed by strong investor confidence in its business prospects.

Supporting this high valuation is solid business growth: its satellite internet service Starlink has amassed over 6 million users, with revenue nearing $2.7 billion in 2024, becoming the core pillar of a projected $16 billion revenue in 2025; in the launch market, SpaceX has undertaken more than half of the world's satellite launch missions and holds numerous national security contracts, with cash reserves exceeding $3 billion, eliminating the need for external financing that dilutes equity.

However, beneath the sky-high valuation lie challenges. The “Starship” rocket, central to the Mars colonization plan, recently experienced a significant explosion during testing; if this project cannot overcome technical bottlenecks, SpaceX's cost advantage with reusable rockets may evaporate. Additionally, the internal stock sale is conducted through a special purpose vehicle (SPV), raising concerns about investor priority access and information transparency — for instance, private investors associated with parties like Antonio Gracias have been questioned about receiving unequal investment opportunities.

From cars to space, Musk seems to always make capital “crazy” for him. But when a $400 billion valuation meets the sound of “Starship” explosions, the next chapter of this space gamble is bound to be anything but ordinary. #马斯克概念