Elon Musk’s SpaceX is reportedly selling insider shares in an offering, with the implied valuation shooting up by about 10% since July.
What Happened: SpaceX has priced the shares at $77 apiece, giving the company a staggering valuation of $140 billion, Bloomberg reported, citing people familiar with the matter.
This represented an increase from the $127 billion valuation that prevailed in July, the report said, citing data from Pitchbook.
SpaceX reportedly zeroed in on the valuation after toying with a range of prices. The report also said it isn’t clear whether the company would settle for the same valuation in the eventuality of a primary funding round.
Read Next: How to Buy Starlink IPO Stock
Why It’s Important: SpaceX is the most valuable among the privately-held companies in the U.S. Musk’s stake in the company is at around $47 billion, according to Bloomberg’s calculations.
Hawthorne, California-based SpaceX was founded in 2002 with the objective of revolutionizing space technology and space travel. The company also owns the Starlink low-latency, high-speed internet service. Musk reportedly told SpaceX employees in June that Starlink could be spun-off in an initial public offering in 2025 or later. Tech-focused research firm CCS Insights said in October that a Starlink IPO makes sense and could come in 2025.
Image and article originally from www.benzinga.com. Read the original article here.