Elon Musk’s Space X rockets as much as a £275bn valuation because it mulls plans for a fundraising

Elon Musk’s rocket firm Space X is thinking about a fundraising that could see it valued at £275billion.

The California-based group, which the Tesla tycoon founded in 2001, is considering an offer for insiders to sell shares that would allow early backers and some employees to cash out.

If the share sale values Space X at the expected level, it would result in a 66 per cent increase in the price tag for the business, which during its last funding round achieved a value of £166billion.

The group continues to see demand for its products, such as reusable rockets from space agencies.

Blast-off: SpaceX, which Elon Musk founded in 2001, is considering an offer for insiders to sell shares which would allow early backers and some employees to cash out

Space X’s Dragon spacecraft is running a supply mission for Nasa to the International Space Station.

The firm is also conducting experimental flights of its Starship rocket, which it dubs the ‘most powerful launch vehicle’ ever built.

Musk, 53, has made no secret of his desire to see humans land on Mars.

It is a goal backed by President-elect Donald Trump, who is reportedly keen for astronauts to arrive on the red planet during his second term in office.

Space X’s other major project is Starlink, a satellite network that is designed to provide high-speed internet to anywhere in the world.