Elon Musk’s SpaceX is reportedly selling insider shares in an offering, with the implied valuation shooting up by about 10% since July.
What Happened: SpaceX has priced the shares at $77 apiece, giving the company a staggering valuation of $140 billion, Bloomberg reported, citing people familiar with the matter.
This represented an increase from the $127 billion valuation that prevailed in July, the report said, citing data from Pitchbook.
SpaceX reportedly zeroed in on the valuation after toying with a range of prices. The report also said it isn’t clear whether the company would settle for the same valuation in the eventuality of a primary funding round.
Read Next: How to Buy Starlink IPO Stock
Why It’s Important: SpaceX is the most valuable among the privately-held companies in the U.S. Musk’s stake in the company is at around $47 billion, according to Bloomberg’s calculations.
Hawthorne, California-based SpaceX was founded in 2002 with the objective of revolutionizing space technology and space travel. The company also owns the Starlink low-latency, high-speed internet service. Musk reportedly told SpaceX employees in June that Starlink could be spun-off in an initial public offering in 2025 or later. Tech-focused research firm CCS Insights said in October that a Starlink IPO makes sense and could come in 2025.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
