Elon Musk's SpaceX crosses $100 billion valuation following secondary share sale

Agencies | California  

The Daily Tribune – www.newsofbahrain.com

SpaceX, the aerospace company headed by billionaire Elon Musk, struck a valuation of $100 billion following a secondary share sale announced earlier this week, CNBC reported.

Sources told the news channel that SpaceX has an agreement with new and existing investors to sell stock valuing up to $755 million from insiders, at a price of $560 per share.

The offer represents a secondary sale of existing shares, the people cited above said, adding that it would take SpaceX's new valuation to $100.3 billion, around 33 percent higher than $74 billion it had clocked in February.

In February, the Musk-headed firm had a similar secondary transaction, with a deal for insiders to sell up to $750 million.

SpaceX’s new valuation, of $100.3 billion, includes the company in an elite list of “centicorn” or “hectocorn” -- the terms used to refer to companies valuing at 100 times above a unicorn, that is a $1 billion entity.

According to CB Insights, SpaceX has become the world's second most valuable private company. This means it only trails behind Bytedance, China's newage media giant.

SpaceX was yet to issue a statement on reports of hitting the $100 billion valuation. The sources cited in the reports have spoken on condition of anonymity as the aerospace firm is not a publicly traded company, which means that details related to financing remain private unless the company chooses to make it public.