SpaceX, the unlisted space company led by CEO Elon Musk, has been valued at approximately $400 billion (549 trillion won). This suggests that the investment industry holds very high expectations for the company, enough to outweigh concerns about 'political risk,' including speculation about a rift with U.S. President Donald Trump.

According to Bloomberg News and the Financial Times (FT), SpaceX plans to sell about $1 billion worth of shares through a tender offer. During this process, the company's valuation was set at $400 billion.

A tender offer is a method by which early investors or employees sell their shares. For unlisted companies like SpaceX, it is difficult to dispose of shares, so the company or a designated investor directly buys the shares held by these parties at a set price.

On May 27, a next-generation Starship spacecraft equipped with a Super Heavy booster was launched for its ninth test from SpaceX's launch pad in Starbase, Texas. Photo by Reuters Yonhap News

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SpaceX's valuation jumped from $210 billion in mid-last year to $350 billion during a tender offer in December of the same year, and has since soared vertically to $400 billion. This puts SpaceX among the top 20 U.S. publicly listed companies in terms of size. It is now larger than well-known listed companies such as Home Depot, Bank of America (BoA), and Procter & Gamble (P&G).

Foreign media have focused on the reasons why SpaceX has been granted such a high valuation despite recent political uncertainty surrounding CEO Musk. Once considered President Trump's 'first buddy,' Musk recently clashed internally over the reduction of electric vehicle subsidies included in the 'One Big Beautiful Bill (OBBBA)' passed by the U.S. Congress, and subsequently left the Department of Government Efficiency (DOGE). After Musk announced the formation of a new third party, the 'America Party,' President Trump dismissed the move as "ridiculous."

On April 16, 2023, people are taking photos of the rocket garden at Starbase in Boca Chica, Texas, USA. Photo by AFP

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Bloomberg News explained that the valuation reflects various factors, including the rapidly growing Starlink satellite internet division and SpaceX's unrivaled reusable rocket development capabilities. The FT noted, "After CEO Musk's public confrontation with President Trump last month, there were concerns that some companies could face a backlash," adding, "This deal signals that investors are betting on the company's future, overcoming risks such as the potential loss of government contracts or nationalization."

Meanwhile, SpaceX is also reportedly planning to raise additional funds externally through the issuance of new shares.