Elon Musk‘s SpaceX is reportedly looking to raise $750 million by selling insider shares at a price that would take the total valuation of the company to $150 billion.
What Happened: SpaceX, a non-public company, will be offering shares at more than $80 per share, Bloomberg reported, citing people familiar with the matter. However, the size of the tender offer can vary based on seller/buyer interest, the report added.
In January, it was reported that SpaceX is raising $750 million in a fresh founding round that would value the company at $137 billion, implying that the company’s total valuation rose by about 9.5% since.
About a year ago, in July, the company was valued at $127 billion.
Why It Matters: SpaceX attempted its first launch in 2006 which failed. The first successful launch came in the second half of 2008 after two more failed attempts. “If the fourth one had not succeeded, SpaceX would not exist. It was a very close call,” Musk said regarding the onset of SpaceX.
However, as of today, SpaceX has completed 242 launches in total. On Friday, SpaceX launched 56 Starlink satellites to low-Earth orbit from Florida.
In March, Musk said that the space exploration company will deliver 80% of Earth’s payload to orbit this year given there is no serious launch anomaly. When the company completed 20 launches this year in late March, Musk said that more than 70 launches are expected for the remainder of 2023.
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