IOI
It’s going to be a roller coaster ride for tech entrepreneur Elon Musk. Last week’s secondary-share sale reportedly saw the company’s valuation soar to over $100 billion (Rs. 75,30,000 crores). CNBC reports that SpaceX shareholders sold up to $755 million in privately held stock at a price of $560 (Rs. 42,171) per share. Thus, there was no need to raise capital since only existing shares were sold. At this price, SpaceX shares are worth $560 apiece, a 33 percent increase from the price at which they were sold in February (30950 rupees). The company was valued at $74 billion (Rs. 55.72 lakh crores) in a fundraising round in February.
Insights says SpaceX now matches Bytedance, a TikTok parent company with a market cap of $140 billion (Rs. 105,00,000 crores).
“SpaceX has an agreement with new and existing investors to sell up to $755 million in stock from insiders at $560 a share, according to multiple people familiar with the deal — increasing the company’s valuation to $100.3 billion,” the report said.
Launching satellites into orbit and transporting astronauts to and from the International Space Station, the California-based company was founded in 2002. A recent launch of an all-civilian spacecraft was a success, with the astronauts returning safely to Earth after three days in zero-gravity.
Starlink is also involved in two other noteworthy projects, including launching satellites into low-Earth orbit to provide high-speed Internet access to even the most remote parts of the planet and building a Mars landing rocket to propel humans to the moon and Mars. Beta testing of the Starlink project has begun with 100,000 users since its launch in 2019. Starship rocket stacking was completed by the end of August.
Tesla, Elon Musk’s electric vehicle-making company, has had a very successful run in the past year thanks in part to SpaceX’s valuation surge. Musk is now one of the richest people in the world because of all these ventures that have taken off. Earlier this year, Musk tweeted that he was interested in building electric supersonic jets, but that any more work would cause his brain to deteriorate.
