SpaceX is in advanced talks to raise fresh capital and run a tender offer that would value the privately held rocket and satellite operator at roughly $400 billion, according to people familiar with the matter cited by Bloomberg. The deal combines a primary fundraising round with a secondary sale that would let employees and early backers cash out a portion of their holdings. The prospective price tag marks a sharp jump from the $350 billion valuation set during a share buyback in December 2024 and would make SpaceX the most valuable private company in the United States, on par with some of the 20 largest constituents of the S&P 500. The higher valuation is underpinned by rapid growth in the Starlink broadband business—now responsible for a majority of the company’s revenue—as well as a multibillion-dollar backlog of government launch contracts and continued progress on the next-generation Starship heavy-lift rocket. The talks are ongoing and the final terms could change, the people said.