Elon Musk's SpaceX sees valuation jump 33% to top $100 billion, becoming the 2nd-most valuable private company, report says
- The valuation of Elon Musk's SpaceX skyrocketed to $100 billion, CNBC reported.
- A secondary sale of shares valued them 33% higher vs. a fundraising round in February.
- SpaceX just trails behind TikTok parent Bytedance, which is worth $140 billion.
The valuation of Elon Musk's SpaceX has skyrocketed to $100 billion following a secondary-share sale last week, CNBC reported Friday.
SpaceX investors agreed to sell up to $755 million in privately held stock at $560 a share, according to CNBC, meaning the space company did not raise new capital since only existing shares were sold.
Still, the latest valuation at $560 a share marks a 33% increase from a fundraising round in February, when SpaceX sold stock at $410.99 apiece to give it a $74 billion valuation, CNBC added.
And with its overall valuation jumping to $100 billion, SpaceX is now the second most valuable private company in the world, according to data from CB Insights.
Founded in 2002, SpaceX just trails behind TikTok parent Bytedance, which is worth $140 billion, and has leapfrogged payments startup Stripe, which is worth $95 billion.
The Hawthorne, California-based company launches satellites into orbit and transports astronauts to and from the International Space Station. But two other ventures have required aggressive fundraising lately, with February's deal alone generating $1.2 billion.
First is its Starlink satellites, which provide internet service from 1,650 satellites floating in orbit. Launched in 2019, it now has over 100,000 users using its beta version thanks to its faster than expected internet speeds, which hit around 175 Mbps.
Second is its Starship rocket, which aims to bring human beings to the moon, Mars, and beyond. As of August, SpaceX has completed stacking its Starship rocket, which Musk has called a "dream come true," for its first attempt at orbital flight.
Meanwhile, the jump in SpaceX's valuation represents another victory for Musk, whose electric vehicle company, Tesla, has soared in value over the past year. Both firms, among others that he owns, have made the outspoken entrepreneur one of the richest people in the world.