The most valuable US start-up is discussing a tender offer that could range from US$500 million to US$750 million, said some of the people. SpaceX is weighing offering shares at about US$95 apiece, the people said.
Terms and the size of the tender offer could change depending on interest from both insider sellers and buyers.
A US$175 billion valuation is a premium to the US$150 billion valuation the company obtained through a tender offer this summer.
The increase would make SpaceX one of the world's 75 biggest companies by market capitalisation, on a par with T-Mobile USA (US$179 billion), Nike (US$177 billion) and China Mobile (US$176 billion), according to data compiled by Bloomberg.
Representatives for SpaceX did not immediately respond to a request for comment.
The company dominates the market for commercial space launch services with its Falcon rockets.
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