Elon Musk's SpaceX will be worth about $500 billion by 2030, billionaire investor Ron Baron said in an interview with CNBC Friday.

Baron, who according to CNBC owns more than $1 billion worth of shares in the rocket company, said the company would be valued at about $250 billion to $300 billion over the next three years.

SpaceX's current valuation of about $150 billion makes it one of the most valuable private companies in the world.

Earlier in the month, Musk said Starlink, SpaceX's satellite internet unit, had achieved cash flow breakeven. Starlink is the world's largest satellite company and boasts a network of about 5,000 low-Earth orbit satellites.

SpaceX is on track to book revenue of about $9 billion this year across its rocket launch and Starlink businesses, with sales projected to rise to around $15 billion in 2024, Bloomberg News reported on Monday, citing people familiar with the matter.