The aerospace manufacturing company is in discussions with investors regarding a fundraising effort that is expected to end in January. The news comes after last month the firm sent astronauts to the International Space Station for the first time.
Fundraising this time around would almost double the figures from five months ago, when it achieved a $1.9 billion raising at a $46 billion valuation, according to Business Insider.
The forecasted valuation would make SpaceX one of the most valuable private companies worldwide.
Meanwhile, Northeast UK could become the new base for Tesla’s European Gigafactory.
Tees Valley Mayor Ben Houchen led calls for Mr Musk to consider moving the plant to Teesside.
Mr Houchen, alongside Hartlepool Council leader Shane Moore, penned a letter to the billionaire urging him to consider the option.
They said the construction of the plant could could start as soon as February 2021.
The construction of a Tesla factory in Berlin, Germany, was recently halted as authorities analyse the potential impact of the plant on the habitats of protected species of lizards and snakes.
Mr Houchen said: “When it comes to the skills needed to build an electric car and associated battery factory there is no better workforce than what is available here in Teesside, Darlington and Hartlepool.
“So, if Tesla does not want to miss out as other high-end car manufactures move into electric car space, I would urge the company to look again at Teesside for the plant.
“And if Mr Musk and the Board at Tesla needs reassuring at how fast we can do things here, I would highlight the fact we were able to secure planning for 4.5million sq ft of manufacturing space – the largest planning application in the north of England – in just four months without a single objection.”
Mr Moore echoed similar observations and pointed out the benefits to local communities and the region’s economy.
He said: “Having previously made a shortlist of two, the town stands ready to welcome the company with open arms.