SpaceX will reportedly sell insider shares at $97 each in a tender offer, a price increase that brings the valuation of the Elon Musk-owned space and satellite company closer to $180 billion.
SpaceX Value Jumps
According to Bloomberg, this development came after SpaceX discussed a tender offer that could range from $500 million to $750 million. People familiar with the matter told Bloomberg that the current share price increased from the around $95 discussed last week.
However, the sources noted that the terms and the size of the tender offer could still change. SpaceX, which is currently valued at about $150 billion, stands as the world's second-most valuable closely-held startup.
SpaceX continues to promote its internet-from-space initiative called Starlink, which already has over 5,000 satellites to provide broadband internet to customers on Earth. According to the company, Starlink has already surpassed two million active users this year.
SpaceX also had a multibillion-dollar deal with NASA to develop its huge Starship rocket into a lunar lander that can deliver astronauts to the moon's surface. According to Bloomberg, SpaceX is on course to book revenues of around $9 billion this year across its businesses, with sales expected to rise to about $15 billion next year.
Elon Musk's AI Startup X.AI Seeks to Raise $1 Billion
In related news, another venture associated with Elon Musk, the artificial intelligence startup X.AI, is seeking to raise up to $1 billion in funding from equity investors. This was revealed in a filing filed with the US Securities and Exchange Commission (SEC) earlier last week.
The company, created by Musk in July to compete with other generative AI firms, has already secured approximately $135 million from four investors, with the first transaction occurring on November 29.
X.AI, with a stated mission to "understand the true nature of the universe," recently introduced a chatbot named Grok, inspired by "The Hitchhiker's Guide to the Galaxy."
The chatbot was developed with two months of training and boasts real-time internet knowledge. X.AI positions Grok to compete with other AI players like OpenAI, the creator of ChatGPT, and Google's Bard technology.
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