The valuation of Elon Musk’s SpaceX crossed $100 billion following a share sale by existing investors announced late last week.
SpaceX has an agreement with new and existing investors to sell up to $755 million in stock from insiders at $560 a share, according to multiple people familiar with the deal, increasing the company’s valuation to $100.3 billion.
The company did not raise new capital at this time, sources said, with the purchase offer representing a secondary sale of existing shares, CNBC reported last week.
The new share price is an increase of 33 percent from SpaceX’s last valuation of $74 billion at $419.99 a share in February, when the company raised nearly $1.2 billion. The company had a similar secondary transaction in February, with a deal for insiders to sell up to $750 million at the time.
SpaceX’s new valuation makes it one of the rare private ‘centicorn’ or ‘hectocorn’ companies in the world — a $1 billion unicorn 100 times over. Musk’s SpaceX is now the second-most valuable private company in the world, according to CB Insights, behind only China’s Bytedance and jumping past fintech firm Stripe.
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The company’s valuation has soared in the last few years as SpaceX has raised billions to fund work on two capital-intensive projects: Starship and Starlink.