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Financial Times reported that Elon Musk's SpaceX has been valued at up to $350 billion in a new deal, making this rocket and satellite manufacturer the most valuable private startup in the world.
Under the new agreement, SpaceX and investors will purchase $1.25 billion of the company's existing common stock at $185 per share. This figure marks a 65% increase in stock since the most recent agreement in September, when employees sold shares at $112 each.
Sources further revealed that SpaceX will buy about $500 million in shares with the remaining capital provided by external investors.
SpaceX proposed its stock price at around $125 in mid-November, which would value the company at over $250 billion. However, just one month later, this figure increased by an additional $100 billion amid extremely high investor demand.
Musk helped bring victory to elected President Donald Trump in last month's U.S. election, spending more than $250 million on his campaign and becoming a confidant of the elected president, advising him on high-level government appointments and participating in his calls with world leaders. Trump also appointed Musk as co-leader of a new 'government efficiency department.'
This proximity to the new administration has led to a 'Trump bump' in the fortune of the richest man in the world as investors rushed to support his vast business interests.
Musk's artificial intelligence startup, xAI, raised $6 billion earlier this month with a valuation of $50 billion, double its valuation six months prior. Tesla's stock has soared 60% since the election on November 5, giving Musk's electric car manufacturer a record market capitalization of $1.26 trillion.
The new valuation means that SpaceX has surpassed ByteDance, the parent company of TikTok - which was valued at about $300 billion in a stock buyback program last month.
According to: Financial Times
