Elon Musk’s SpaceX reportedly eyeing $350 billion valuation

SpaceX has pioneered cost-effective reusable rockets that are getting into space at an unprecedented pace, while lower launch costs have also allowed the company to put more than 6,000 satellites into orbit, enabling internet connectivity almost anywhere in the world. Key to SpaceX’s advantage is competition, or lack thereof: It “is not the only show in town, but they are the biggest, baddest and fastest,” the founder of a space-focused investment firm told Barron’s. SpaceX’s capabilities have made it an “indispensable workhorse” for NASA and the US military, The Washington Post wrote, and its dominance of the space sector is only expected to grow as Musk and US President-elect Donald Trump grow cozier.

Musk’s personal wealth, along with that of his companies, has skyrocketed, at least partly because of the “Trump bump” — his close relationship with Donald Trump — as markets bet the new administration will adopt more favorable policies toward Musk’s companies, Business Insider reported. Shares in his EV company Tesla have surged 42% since the election; his AI startup xAI announced a $6 billion funding round; and his personal wealth has risen $124 billion since the start of the year, according to Bloomberg. “The next four years could turn him into something much bigger than he is today, a government-backed industrial titan with few equivalents in American history,” Semafor’s Reed Albergotti wrote.

Musk’s wealth has continued to grow regardless of recent legal setbacks: A Delaware court refused to reinstate his record $56 billion Tesla pay package. Musk’s lawyers said they will appeal the decision, but his newfound political muscle won’t guarantee a legal win, The New York Times’ Dealbook argued, and any move by Washington to support him would likely require new legislation. The ruling was also a setback for Tesla’s board, The Wall Street Journal reported: The board chair had argued that the pay package was crucial to “retain Elon’s attention.”