The valuation of Elon Musk's SpaceX hit $350 billion based on a secondary share sale, CNBC confirmed on Wednesday.
SpaceX's soaring valuation, ranking well above U.S. defense contractors and among the top 25 in the S&P 500 by market cap, comes as the company furthers its dominant position in the space industry. Notably, SpaceX is buying as much as $500 million in common stock as part of the offer, in a rare share buyback that demonstrates the strength of the privately held company's financial position.
SpaceX's Starlink satellite internet business is a key economic driver for the company, with about 7,000 satellites launched to date and a service boastingcontinues to advance in flight tests, representing an attempt to create a next-generation reusable rocket of unprecedented scale and power.