- Tram Ho
According to CNBC , billionaire Elon Musk’s space company SpaceX has just reached a valuation of more than $100 billion. Accordingly, SpaceX has reached an agreement with new and existing investors to sell shares worth $755 million from internal sources, at a price of $560 per share. As a result, the company’s valuation increased 33% from $ 74 billion in February to $ 100.3 billion.
Sources said that the company is not raising new capital at this time, but is only offering to sell the existing shares secondary. SpaceX had a similar secondary transaction in February, with an agreement to sell shares worth up to $750 million at the time.
SpaceX’s new valuation makes the company one of the rare “hectocorns” in the world — with a valuation 100 times that of a $1 billion company. According to CBInsights, SpaceX is now the second most valuable privately held company in the world, behind China’s Bytedance and overtaking fintech company Stripe.
SpaceX CEO Elon Musk poses with the crew in September 2021. Photo: John Kraus / Inspiration4
The company’s valuation has skyrocketed over the past few years as SpaceX has raised billions of dollars to fund two capital-intensive projects, Starship and Starlink.
Starlink is a corporate project to build an internet network connected to thousands of satellites, known in the space industry as a constellation. The network is designed to provide high-speed internet to consumers anywhere on the planet. SpaceX has launched 1,740 Starlink satellites to date, and a network of more than 100,000 users in 14 countries uses the public beta for a service price of $99/month.
Starship is the next-generation giant rocket that SpaceX is developing to be able to send cargo and people to the Moon and Mars. The company is testing prototypes at a facility in southern Texas and has made several short test flights. Reaching orbit is the next step in rocket testing as SpaceX awaits regulatory approval for its next launch.
Source : Genk