It's not only the rockets from Elon Musk's spacefaring endeavor that are lifting off; the company's valuation is also entering rarified air. Citing people familiar with the matter, Bloomberg is reporting that SpaceX is in talks with investors to raise about $1 billion at $270 per share, indicating that the company's valuation now stands at $44 billion. This represents a notable increase over the company's previous funding round. In March, CNBC reported that SpaceX, garnering a valuation of $36 million, had authorized raising $500 million at $220 per share.

Estimating that the global space economy could generate revenue of more than $1 trillion by 2040, Morgan Stanley stated in a recently released report that SpaceX has the potential to be worth nearly $175 billion. In terms of its financials, Morgan Stanley believes that SpaceX will experience a free cash flow outflow of $50 billion from 2019 to 2032, ending in 2033, when it estimates that Starlink will generate free cash flow.

A rocket launches in front of a starry background.

Image source: Getty Images.

Besides the development of its satellite internet network, SpaceX operates as a contractor for NASA, recently transporting two astronauts to the International Space Station in May. But SpaceX has its sights on much farther destinations. Musk's space company is working with NASA to help return humans to the moon in 2024. And it also has plans to enter the nascent space tourism market, representing competition for Virgin Galactic (NYSE:SPCE), which is keenly focused on bringing civilian passengers into space for recreational purposes.