Elon Musk, the tech billionaire, is in for a wild trip. Following a secondary-share sale last week, the value of his space exploration company is said to have risen to above $100 billion (Rs. 75,30,000 crores). According to reports, SpaceX shareholders sold up to $755 million (Rs. 5,685 crores) in privately held stock at a price of $560 (Rs. 42,171) per share. Because only existing shares were sold, the company did not need to raise cash. SpaceX shares are currently valued at $560 per share, up 33 percent over their February sale price of $410.99 per share (Rs. 30,950). The corporation was valued at $74 billion in February after a funding round (Rs. 55.72 lakh crores).
According to Insights, SpaceX is now the world’s second most valuable private company, behind only TikTok parent Bytedance, which is valued at $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 CNBC report said.
The California-based firm, which was founded in 2002, places satellites into orbit and carries humans to and from the International Space Station. It just sent an all-civilian spaceship into orbit, and the crew safely returned to Earth after three days in zero gravity.
The corporation is also working on two other noteworthy projects: sending Starlink satellites into low-Earth orbit to provide high-speed Internet connectivity to even the most remote parts of the world, and developing the Starship rocket to land humans on the moon, Mars, and beyond. The Starlink initiative, which was launched in 2019, is currently in beta testing with 100,000 users. The stacking of the Starship rocket was completed in August.
Elon Musk’s electric vehicle-making company, Tesla, has had a very successful year, and the increase in SpaceX’s worth is another another feather in his crown. All of these successful projects have made Musk one of the wealthiest persons on the planet. Musk recently announced his intention to enter the aviation sector by developing electric supersonic jets, but warned that any additional work will cause his brain to explode.