Rocket boost for Elon Musk as his Space X business is valued at £140bn

Space X, the rocket business owned by Elon Musk, has been valued at £140billion in a major boost for the eccentric entrepreneur. 

The company has started discussions about selling shares at around $95 each, according to reports. 

This means Space X, which is known for making rockets and spacecraft, is one of the most valuable private companies in the world. 

The firm has secured major funding contracts this year, including with the US government to provide satellite internet to the Ukrainian military. 

The group runs a space internet unit, Starlink, with a network of about 5,000 low-Earth orbit satellites. 

But it has faced major setbacks, including unsuccessful launches. 

Last month its unmanned craft Starship, developed to carry astronauts to the moon and beyond, reached space for the first time but lost contact moments later. 

This, however, was an improvement on Starship’s first attempt this year, which ended in an explosion. 

But the valuation is a major boost for Musk who has come under fire over his management of X, formerly known as Twitter. 

Last week he told advertisers to ‘go f***’ themselves following an ongoing exodus from the social media site. 

Companies including Apple and Disney have pulled ads from the platform after a report last month revealed tweets from companies were being placed alongside antiSemitic content. 

Musk has already said he will be suing the Left-wing non-profit group, Media Matters, who were behind the claims that sparked the boycott.