Technology entrepreneur Elon Musk is about to ride. His space agency estimates rose to $ 100 billion (Rs 75,30,000 crore) following a second share sale last week. CNBC reported that SpaceX investors sold up to $ 755 million (Rs 5,685 crore) worth of privately owned shares for $ 560 (Rs 42,171). The company does not have to raise capital as only existing shares are sold. The latest valuation of SpaceX shares rose 33 percent in February to $ 560 each, with SpaceX selling at $ 410.99 per share (Rs. 30,950). In February, it raised $ 74 billion (Rs 55.72 lakh crore) from the fundraising round.
According to CB Insights, SpaceX is now the second most valuable private company in the world, behind Dictac Parent Bidens alone, valued at $ 140 billion (Rs 105,00,000 crore).
“SpaceX has agreed to sell $ 560 to $ 755 million worth of shares with new and existing investors, according to many familiar with the deal – raising the company’s valuation to $ 100.3 billion,” the CNBC report said.
Founded in 2002, the California-based company has been launching satellites into orbit and taking astronauts to the International Space Station. Recently, it sent all the civilian spacecraft into orbit and after three days at zero gravity, the crew returned safely to Earth.
The company is undertaking two other notable projects — launching Starling satellites in low Earth orbit to provide high-speed internet connectivity to even the farthest parts of the planet, and the Starship rocket, which aims to land humans on the lunar surface, and beyond. Launched in 2019, the Starling project has begun beta testing with 100,000 users. In August, the stocking of the Starship Rocket was completed.
The rise in SpaceX rating is another feather in Elon Musk’s cap, as its electric vehicle maker Tesla ran very successfully last year. All these initiatives that have started have made Kasturi one of the richest in the world. Musk recently tweeted that he wants to get involved in the aviation industry by developing electric supersonic jets, but that his brain could explode due to overwork.