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SpaceX blasts through US$150 billion valuation mark as Starship work continues

Published 2023-07-14, 03:55 a/m
© Reuters.  SpaceX blasts through US$150 billion valuation mark as Starship work continues

Proactive Investors - SpaceX, the rocket and satellite group owned by Elon Musk, has been valued at almost US$150bn, up over 9% since the start of the year.

The new valuation was based on a sale of stock by investors announced this week, with an agreement for insiders to sell up to US$750mln of shares at $81 apiece.

A copy of the offer was sent by finance chief Bret Johnsen on Thursday was seen by CNBC, one of the company's usual twice-yearly secondary rounds to enable employees and other shareholders a chance to capitalise their holdings.

As it is a sale of existing stock, it means the company is not raising cash at this time, which backs up a statement by founder Musk in April that the company does “not anticipate needing to raise funding”.

In January the developer of reusable space rockets and satellite internet services was reported to be valued at US$137bn, blasting up from the US$100bn mark reached in late 2021.

As well as continuing commercial launches of its reusable Falcon rockets, SpaceX is also investing in the development of its giant Starship rocket and launch pad after the explosive first test launch earlier this year.

Musk said recently that SpaceX will spend about US$2bn developing Starship this year, though attempts at a second launch in the coming months need approval from the Federal Aviation Administration, with an environmental lawsuit also looming, after the huge amount of debris that rained down on the local area by the maiden flight.

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