According to a report by Bloomberg, SpaceX and its stakeholders have approved the acquisition of $1.25 billion worth of insider shares, thus valuing Elon Musk’s rocket and satellite manufacturer at approximately $350 billion.
The estimated share price of SpaceX is valued at $185 per share, a significant increase from the prior valuation of $112 three months earlier. In addition, the company itself offers to buy $500 million in common shares.
This astonishing valuation further establishes SpaceX, officially recognized as the Space Exploration Technologies Corp., as the most valuable private startup globally, with a market capitalization that competes with some of the world’s largest public companies, reflecting gains across Musk’s businesses after the presidential election.
Known as one of the industry’s premier rocket launch providers, SpaceX is extensively involved in launching satellites, cargo, and people into space for NASA, the Pentagon, and commercial partners. The company is also developing an extensive Starlink satellite network offering internet services.
Meanwhile, at the end of the trading session on Tuesday, the share price of Tesla, Musk’s EV manufacturer arm, closed at $400.99, marking the company’s achievement to reach the $400 milestone, while it further grew to $403.20 in the after-trading.
Following the development, Elon Musk’s net worth has escalated to a record-setting figure of $442 billion, making him the first person to exceed the $400 billion threshold.
The tech giant CEO can be accredited for founding or co-founding seven enterprises valued at numerous billions each; he currently remains the CEO for six of them. These ventures have generated employment for hundreds of thousands.
