Tech entrepreneur Elon Musk is in for a ride. His space exploration company has been valued at over $100 billion (Rs 75,30,000 crore) after the sale of secondary shares last week. CNBC reported that SpaceX investors sold up to $755 million (Rs 5,685 crore) in privately held stock at a price of $560 (Rs 42,171) per share. This meant that the company did not need to raise capital as only existing shares were sold. The latest valuation of SpaceX shares at $560 per share is a 33 percent increase in February, when SpaceX sold each share for $410.99 (Rs 30,950). The fund raising round in February fetched the company a valuation of $74 billion (Rs 55.72 lakh crore).
“SpaceX has entered into an agreement with new and existing investors to sell up to $755 million in stock from insiders at $560 per share — raising the company’s valuation to $100.3 billion,” CNBC said. report good said.
Founded in 2002, the California-based company launched satellites into orbit and carried astronauts to and from the International Space Station. Recently, it sent an all-civilian spacecraft into orbit and after spending three days in zero-gravity, the crew came back safely to soil.
The company is working on two other notable projects – launching the Starlink satellites into low-Earth orbit to provide high-speed Internet connectivity even in the most remote regions of the planet, and the Starship rocket, aimed at humans on the surface of the Moon. To take off, Mars, and beyond. Launched in 2019, starlink The project has started beta testing with 100,000 users. As of August, the stacking of the Starship rocket has been completed.
The boom in SpaceX’s valuation has come as another feather in the cap Elon Musk, whose electric vehicle maker, Tesla, has been a very successful run during the last one year. All these ventures have made Musk one of the richest people in the world. Musk recently tweeted that he wants to venture into the aviation industry building an electric supersonic jet, but added that any excessive workload could cause his brain to explode.