According to CNBC, Elon Musk’s SpaceX just crossed a $100 billion valuation. The change results from an agreement with new and existing investors to sell shares at $560 per share.
CNBC’s Michael Sheetz reports that this is a 33% increase in share price, following the last sale at $419.99. SpaceX was previously valued at $74 billion. This latest share of sales is not a SpaceX seeking additional capital, as they are all secondary sales of already existing shares.
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.
SpaceX remains a private company, and Elon Musk plans on keeping it that way. By staying a private company, SpaceX can choose to invest in long-term goals for humanity, like landing humans on Mars with Starship.
While SpaceX will remain private, Musk plans to make the subsidiary Starlink public once cash flow is more predictable. While a rocket company’s stock may fluctuate greatly, SpaceX’s internet service will have a more consistent set of costs and cashflow, making it more favorable as a public company.
The Starlink internet service is exiting beta this month. The service is ideal to provide high-speed internet service for those in rural areas, rather than population-dense areas. The total number of customers Starlink can serve is limited by the number of satellites in orbit, and will increase as more are launched. Hopefully once Starlink is a bit more fleshed out as a service (and perhaps the region locks are removed) we will get a better idea of when Starlink will go public.