SpaceX beats new record
Elon Musk’s SpaceX not only helps humans make extraordinary progress in space exploration but also pleases its investors with fat profits. The commercial company whose space program is perhaps more expensive than that of some nations has set a new record. SpaceX’s market capitalization exceeded $100 billion after the company’s investors had announced the start of a planned sell-off of their shares.
SpaceX has arranged a deal with new and existing investors to sell shares worth up to $755 million at the price of $560 per unit. This deal should boost its market capitalization to $100.3 billion. The company has not attracted new capital yet as its buy offer is just the reselling of existing shares. SpaceX has gained 33% since February when its market capitalization totaled $74 billion and the price of one share was $419.99.
This makes SpaceX one of the rare private hectocorn companies. A hectocorn is a business worth over $100 billion. From now on, Musk’s brainchild is the second-largest private company in the world, lagging behind China’s Bytedance owned by Tiktok. The value of SpaceX has soared over the recent years as it managed to raise billions to back two costly projects: Starship and Starlink.