SpaceX, one of Elon Musk’s companies, has hit a major milestone after reaching a $100 billion valuation earlier today.

SpaceX Now Valued At $100 Billion

Elon Musk’s SpaceX has reached a $100 billion valuation earlier today. According to CNBC, the space company has hit a $100 billion valuation after a share sale by its existing investors earlier this week.

The company had an agreement with its existing and new investors to sell roughly $755 million in stock from insiders. Multiple sources close to the matter revealed that each stock was sold for $650. As a result of this action, SpaceX’s total valuation reached $100.3 billion earlier this week.

The sources added that the space company didn’t raise any capital at the moment, with the sales event standing as a secondary sale of existing shares. The company’s valuation has gone up over the past few months. In February, the company’s stock price was slated at $419 per share, and SpaceX was valued at $74 billion at the time.

According to the report, SpaceX hitting a $100 billion valuation makes it one of the rare hectocorn or centricorn companies in the world. These are companies with a $1 billion unicorn 100 times over. The latest valuation takes Elon Musk’s SpaceX to the second place in terms of the most valuable private companies in the world, behind only China’s Bytedance and surpassing leading fintech firm Stripe.

CNBC added that the sources preferred to remain anonymous since SpaceX is not a publicly listed company at the moment. SpaceX has experienced massive growth over the past few years after launching two huge projects; Starship and Starlink.

TSLA stock chart. Source: FXEMPIRETSLA Down By More Than 1%

The shares of Tesla, SpaceX’s sister company, is down by more than 1% so far today despite the positive news surrounding SpaceX and its owner, Elon Musk. At the time of writing, TSLA is trading at $786 per share after opening the market today at $796. Year-to-date, TSLA is up by 11%, after trading at $730 per share in January.

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This article was originally posted on FX Empire


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