SpaceX may now be valued at $350 billion, making it the world's most valuable startup, according to Forbes.

In a tender offer expected to occur later this month, insiders are looking to receive a dramatically higher valuation than the $210 billion figure reported earlier this year.

As a private company, SpaceX does not disclose its financial details publicly. However, industry analysts have made informed estimates regarding its revenue and earnings growth. For instance, Morgan Stanley’s models indicate that a $350 billion valuation would imply a price-to-sales ratio of 23.6 and a price-to-earnings ratio of 308 for 2024. With SpaceX’s rapid growth trajectory, these ratios are expected to decline significantly, with the price-to-sales ratio projected to drop to 5.2 and the price-to-earnings ratio to 24 by 2030.

The space economy is forecast to grow to $1.8 trillion by 2035, and with another up-round of fundraising, SpaceX is well positioned to capture a significant share of this expansion. The company’s success is driven by its unmatched technology, vertical integration strategy, and diversified revenue streams, most notably through its satellite internet service, Starlink. Still, the company needs to grow into its lofty valuation, which may be more constrained by regulatory issues than the lack of capital.