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SpaceX is selling shares at $125 billion valuation as Elon Musk rejigs Twitter financing, reports say

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SpaceX CEO Elon Musk next to rocket launch
Elon Musk founded SpaceX as well as Tesla.Yasin Ozturk/Getty Images
  • SpaceX is planning to sell shares to employees, The New York Post and Bloomberg report.

  • SpaceX plans to sell at $70 a share, which would value the company at $125 billion.

  • This comes as CEO Elon Musk is reportedly seeking new financing for his Twitter takeover.

Elon Musk's SpaceX is planning to sell shares to employees, The New York Post and Bloomberg report.

Sources told The Post and Bloomberg SpaceX is planning to sell employee stock at $70 a share. The Post reported the sale, which would value the company at $125 billion, would start on Tuesday.

The move comes as Musk is reportedly trying to restructure the financing for his bid to buy Twitter.

It is not clear whether Musk is selling stock as part of the employee offer, Bloomberg reported.

As of August last year Musk owned almost 44% of SpaceX, according to a Federal Communications Commission filing reported by tech blog WCCF Tech.

SpaceX was valued at $100 billion in October following a stock sale, CNBC reported.

Bloomberg reported last week that Musk was seeking financing to replace a $12.5 billion loan against his Tesla stake.

A banking source told The Post the Tesla founder is talking to private equity firms about raising between $2 billion and $4 billion.

Tesla shares have fallen almost 40% since the start of the year, leaving the electric car maker worth $750 billion.

Musk announced Friday the Twitter deal was "on hold" until the company verifies how it assesses the proportion of spam and fake accounts. Several analysts said this was a ploy to force Twitter back to the negotiation table to cut the price.

On Monday Bloomberg reported that Musk told a Miami tech conference that negotiating a lower price for Twitter was not "out of the question."

He doubled down on Tuesday, saying the Twitter deal won't proceed until Twitter CEO Parag Agrawal shows "proof" it had correctly calculated the proportion of spam accounts.

SpaceX did not immediately respond to a request for comment.

Read the original article on Business Insider