Morgan Stanley and Goldman Sachs are fielding pitches from 137 Ventures, which has lined up about $100 million in commitments to buy SpaceX shares from early employees. The deal would trade a slice of secondary stock at roughly $100–$110 a share, valuing SpaceX between $130 billion and $140 billion. That price tag carries weight: it’s nearly double the $74 billion number the company pulled in during its last formal private raise two years ago. Employees who joined SpaceX a decade ago stand to cash out six- or seven-figure stakes. Behind the numbers sits Starlink. The satellite-internet unit accounted for $3.2 billion of SpaceX’s $11.5 billion in projected revenue this year. Musk has said Starlink could be cash-flow positive by late 2026, a milestone investors view as key to any near-term IPO. On the flip side, lingering production snags with Starship—SpaceX’s massive rocket meant to ferry people to Mars—and regulatory slowdowns in Europe have prompted caution among some potential buyers in the 137 Ventures deal. Elon Musk hasn’t confirmed an IPO timetable, but a public listing remains the endgame: he’s told advisers he wants it done before 2028. Even so, SpaceX is riding a wave of lucrative government and commercial contracts. NASA has earmarked $4.1 billion for lunar landers, and the U.S. Space Force just inked a $2.8 billion agreement for next-gen rockets. Those deals shore up near-term cash flow, giving Musk room to wait for market conditions to improve before pressing the “take public” button. Investors in 137 Ventures’ secondary offering will face a lockup of up to 180 days after any IPO. They’re betting on continued Starlink growth—projected to add at least $1 billion in annual revenue—and the rollout of Starship services to shake up heavy-lift launches. If SpaceX meets those goals, the current $130 billion-plus valuation could look conservative within a year.