- Elon Musk’s SpaceX is reportedly looking to fundraise through a new sale of employee shares.
- The sale could value SpaceX at $150 billion, according to Bloomberg and the Wall Street Journal.
- Reports put the share price in the $80 range as the company looks to raise about $750 million.
SpaceX is considering a new fundraising effort through a sale of employee stock shares, which would value the company at about $150 billion.
The round of share sales would reportedly put Elon Musk’s space exploration company at about $80 or $81 per share. The estimated $750 million the company is hoping to raise was first reported by Bloomberg. The Wall Street Journal later confirmed the plan.
SpaceX became the most valuable startup in the United States after its last two rounds of fundraising last May and December, which valued the company at $125 and $140 billion, respectively. The company has raised funds privately and sold shares to employees several times throughout its history, both to raise money and as a form of compensating employees, Insider previously reported.
The company, which was founded in 2002, has grown in value in recent years as it ramped up the number of satellites and rockets it launches into space. The company has also partnered with NASA and other companies and developed Starlink, a satellite internet service that now operates the world’s largest commercial constellation of satellites.
Investors say the profit potential of Starlink, which is designed to improve internet access in rural areas, is the biggest driver of the company’s value, the Journal reported.
SpaceX was in the news earlier this year when its massive Starship rocket exploded shortly after it launched. Musk said weeks after the launch that it actually went slightly better than he expected.
In a Saturday morning Twitter Space with Bloomberg’s Ashlee Vance, Musk said he would guess that SpaceX has spent about $2 billion on Starship, adding that number could reach $3 billion before the end of the year. He also said some upgrades to the rocket design and launch pad could be ready in about six weeks, meaning the mega-rocket could see another launch this year.
Many would welcome upgrades to the rocket’s concrete launch pad. Photos surfaced shortly after the April launch showing a crater the rocket had blown in the pad during launch.
Environmental groups later filed lawsuits against the Federal Aviation Administration for allowing the launch to happen at all, accusing the agency of failing to consider the environmental impact of the ship’s launch and explosion.
SpaceX did not immediately respond to a request for comment made Saturday morning.
Read the full article here