SpaceX valuation surges to $350 billion as company buys back stock

SpaceX, as well as investors, agreed to buy stock from insiders in a $1.25 billion purchase offer at $185 a share, according to copies of the offer obtained by CNBC. The round does not include raising new capital, as the purchase offer represents a secondary sale of existing shares.

Notably, SpaceX is buying as much as $500 million in common stock as part of the offer, in a rare share buyback that demonstrates the strength of the privately held company's financial position.

The company routinely performs these secondary rounds — about twice a year — to give employees and other shareholders a chance to sell stock. The latest valuation represents a 67% surge from SpaceX's previous high of $210 billion, which the company hit through a June secondary share sale.

SpaceX's soaring valuation comes as the company furthers its dominant position in the space industry, all while Musk has become an influential figure in the coming presidential administration.

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