SpaceX, Elon Musk’s company, is now valued at $350 billion, according to an agreement with its investors to purchase shares from its employees.

Elon Musk owns 42% of the shares. Investors are offering $185 per share, compared to $112 just a few months ago, according to an internal email seen by Bloomberg.

The company’s valuation has nearly doubled since last year when it was valued at $180 billion during a similar process. SpaceX and its investors reportedly agreed to buy up to $1.25 billion worth of employee shares.

Elon Musk’s Personal Wealth Skyrockets
Elon Musk, who is the richest person in the world, has seen his wealth soar since endorsing Donald Trump’s candidacy in the US elections.

The day after the elections, the magnate’s wealth was estimated at $264 billion. A significant contributor to this sum was the 13% stake he owns in Tesla. Today, Elon Musk’s personal wealth is valued at $384 billion, according to Bloomberg.

Musk also owns the artificial intelligence startup xAI, founded last July, which achieved a valuation of $50 billion, and the brain-implant company Neuralink, which is reportedly worth $8 billion.

He also owns X, which he acquired for $44 billion, though its valuation has dropped following the withdrawal of advertisers. However, Musk’s increased presence on X was believed to have helped amplify pro-Trump messages during the campaign.

Even Greater Growth Expected
SpaceX and Tesla are already generating significant revenue from U.S. government contracts. Economists expect Musk’s interests and position to strengthen under the Trump administration.

In October alone, SpaceX, which also operates the Starlink satellite internet unit, secured contracts worth over $700 million from the U.S. Space Force. Over the past decade, SpaceX and Tesla have received at least $15.4 billion in government contracts, according to a recent analysis by The New York Times.