Coinspeaker
SpaceX Reaches Almost $150B Valuation Following Secondary Share Sale
After a secondary share sale, the value of Elon Musk’s spacecraft engineering company SpaceX reached almost $150 billion. The spacecraft manufacturer continues to maintain its positions as one of the world’s most valuable private companies. With its achievement of $1 billion unicorn X more than 100, the company is classified as a “centicorn” or “hectocorn”.
SpaceX Nears $150B Valuation after Secondary Share Sale
CNBC revealed that the company’s valuation increased after a share sale by existing investors announced this week. Citing a copy of the purchase offer sent by chief financial officer Bret Johnsen, the report stated that SpaceX agreed with new and exciting investors to sell some shares via a secondary share sale. The company had an agreement with the stakeholders to sell up to $750 million in stock from insiders at $81 per share.
Before the secondary sale, the SpaceX founder stated that the company does “not anticipate needing to raise funding” to boost its Starship program and others. He specifically said that the spacecraft engineering company “do not need to raise incremental funding for SpaceX”. The secondary share sale is a way the company allows employees and shareholders to sell their stock, and SpaceX holds such about twice every year.
The former price of each SpaceX share was $77 until the latest secondary share sale, when it increased by about 5%. The company would have succeeded at monopolizing the US Satellite launch market if not for the rockets in a competitive race with Falcon 9. In 2023, SpaceX had launched 47 times so far and landed an orbital rocker booster for the 200th time. This means that the company’s average launch time frame is every four days. Per its 2023 goals, SpaceX plans to launch up to 87 rockers by December. It also said it will expand its Starlink internet services to more remote locations.
SpaceX Continuous Efforts
Before the secondary share sale, SpaceX noted that it would spend $2 billion on the Starship this year. The company has been relentlessly spending heavily on developing its next-generation Starship rocket. After the first Starship flight encountered problems following getting off the launchpad and reaching milestones, SpaceX is working towards a second launch. However, it requires a go-ahead from the Federal Aviation Administration.
In March, Coinspeaker reported about Saudi Arabia and Abu Dhabi investors participating in a new funding round for SpaceX. Without mentioning a secondary share sale, people familiar with the matter said SpaceX had a multi-billion-dollar funding round that could push its valuation to about $140 billion. The sources noted that the rocket company itself and financial services company Morgan Stanley (NYSE: MS) were the round organizers.
SpaceX Reaches Almost $150B Valuation Following Secondary Share Sale
