After being fired from PayPal, Elon Musk bought a plane and got his pilot's license. In 2001, when he was thinking about what his next project could be, he was talking about rockets with his friend Adeo Ressi and went back to his childhood space dreams and made it his mission to colonize Mars and turn humanity into a multi-planetary civilization. It seems a long way from achieving that, but in the meantime, the company he created to try to achieve that goal has reached a record valuation of at least $175 billion, according to Bloomberg.
Space Exploration Technologies (SpaceX) continues to test its most powerful rocket, the one that targets the Red Planet. Meanwhile, however, it has revolutionized the satellite sector thanks to the reuse of rockets, which allows for more frequent and economical launches. The rivals that aspire to emulate him are far behind, while in the case of Space X the business is rolling. The company has turned launches from Cape Canaveral into a standardized experience in which it gives VIP treatment to guests, but above all offers reliability at very attractive prices. It has contracts with private companies or the public sector.
In addition, it operates Starlink, its satellite internet connectivity service in low Earth orbit. It is a service that has been vital in Ukraine in the face of the Russian invasion and that also has public and private contracts. SpaceX is considering spinning off that business unit, which could stage an IPO next year.
The Hawthorne, California-based company is not publicly traded, but it has become the most valuable start-up in the United States, ahead of artificial intelligence firm OpenAI, valued at about $90 billion. According to Bloomberg, SpaceX has begun talks about selling shares at a price that values the company at at least the aforementioned $000 billion.
The placement of employee shares could range from $500 million to $750 million, according to Bloomberg's sources, who asked not to be identified because the information is confidential. SpaceX is weighing offering shares at about $95 each, but the terms and size of the offer could change based on the interest of both sellers and buyers.
That valuation of €175 billion would represent an increase of 000% compared to the €17 billion at which it was valued last summer in another placement. It would also place the company in one of the 150 largest companies in the world by valuation, close to T-Mobile USA ($000 billion), Nike ($75 billion) and China Mobile ($179 billion), according to data compiled by Bloomberg.
As reported by Bloomberg, SpaceX is on track to post revenue of about $9 billion this year from its rocket launch and Starlink activities, and sales are projected to rise to about $000 billion by 15.
Elon Musk, the world's richest man, owner of the social network X and head of Tesla, controls the space company. Its stake is 42% and its voting rights are close to 80%, according to The Wall Street Journal, which cited filings with the Federal Trade Commission. With the reference price for the new placement, Musk's stake would be valued at more than $73 billion.
Follow all the information from Economía y Negocios on Facebook and X, or in our weekly newsletter