- The valuation of Elon Musk’s SpaceX hit near $150 billion following a share sale by existing investors announced this week, CNBC has learned.
- SpaceX has an agreement with new and existing investors to sell up to $750 million in stock from insiders at $81 a share, according to a copy of the purchase offer that CNBC obtained.
The valuation of Elon Musk’s SpaceX hit near $150 billion following a share sale by existing investors announced this week, CNBC has learned.
SpaceX has an agreement with new and existing investors to sell up to $750 million in stock from insiders at $81 a share, according to a copy of the purchase offer sent by CFO Bret Johnsen on Thursday, which CNBC obtained.
The company did not announce a raise of new capital at this time, with the purchase offer representing a secondary sale of existing shares. Musk in April said that the company does “not anticipate needing to raise funding” to further bolster the programs for Starship, Starlink and other initiatives. SpaceX typically performs these secondary rounds about twice a year, to give employees and other company shareholders a chance to sell stock.
SpaceX continues to spend heavily on development of its next-generation Starship rocket. Musk expects the company to spend about $2 billion on the vehicle’s development this year. The first Starship flight got off the launchpad and achieved several milestones, but also had multiple problems. SpaceX is preparing to attempt a second launch in the coming months, but awaits Federal Aviation Administration approval in order to do so. The FAA is also fighting an environmental lawsuit over how it regulates SpaceX’s Starship.
But SpaceX remains quiet about the potential IPO of its Starlink business. President Gwynne Shotwell said earlier this year that there is “no update.” Last year, CNBC reported that Musk told employees that the company isn’t likely to take Starlink public until 2025 or later.
Source: Business - cnbc.com
