Elon Musk pushed back against media reports claiming SpaceX is raising money at an $800 billion valuation, clarifying that the company is conducting a routine stock buyback instead.

What Media Reported

Multiple outlets reported that SpaceX is negotiating a secondary share sale at an $800 billion valuation, with CNBC, Fortune, and Bloomberg characterizing it as the company pursuing or “kicking off” a fundraising round. The Wall Street Journal reported this would make SpaceX the most valuable US private company, doubling its $400 billion valuation from July 2025.

Musk’s Correction

Musk said these reports are “not accurate,” explaining that SpaceX conducts periodic stock buybacks twice a year to provide liquidity for employees and investors—not to raise capital. “SpaceX has been cash flow positive for many years,” he wrote.

He explained that valuation increases reflect progress with Starship and Starlink, as well as securing global direct-to-cell spectrum that expands the company’s addressable market.

NASA Revenue Claims

Musk also addressed claims that SpaceX is subsidized by NASA. “This is absolutely false,” he wrote, noting that NASA will constitute less than 5% of SpaceX revenue next year, with commercial Starlink being the largest contributor.

“The SpaceX team won the NASA contracts because we offered the best product at the lowest price. BOTH best product AND lowest cost,” Musk added. He noted that SpaceX is currently the only option for astronaut transport that passes NASA safety standards.

The Distinction

The key difference is between a secondary share sale—where existing shareholders sell to new investors—and primary fundraising, where a company raises new capital. In SpaceX’s case, the company facilitates employee and investor liquidity through periodic buybacks, not capital raises.