SpaceX, the private space exploration firm headed by Tesla Chief Executive Elon Musk, has topped a $100 billion valuation following an agreement by new and current investors to sell as much as $755 million in private stock for $560 per share, CNBC reported Friday.
Based on the current numbers, which represent an increase of 33% from SpaceX’s February funding round giving the space company a valuation of $74 billion at nearly $420 a share, SpaceX is the world’s 2nd-most valuable private firm, trailing behind TikTok parent Bytedance, which is worth $140 billion, according to data from CB Insights.
In a note last year, Morgan Stanley analysts projected SpaceX’s valuation could reach $100 billion given its “continued momentum in winning government contracts”, mainly from NASA and the Pentagon. Morgan’s note describes Musk’s space business with its Starlink satellites and Starship rocket, which aims to bring human beings to the moon, Mars, and beyond, as “mission control” for the “emerging space economy.”
Forbes calculates that Musk owned roughly 48% of SpaceX prior to its latest funding round. The jump in the firm’s valuation marks another victory for Musk, whose EV company, Tesla (NASDAQ:TSLA), has soared in market value/$757 billion mrq, further expanding the distance between the Palo Alto, Calif.-based (soon to be Austin, Texas) electric carmaker and its traditional auto industry rivals.