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Updated October 10th, 2021 at 11:14 IST

SpaceX valued at over $100 billion, becomes second most valuable pvt company

SpaceX has raised a lot of funding to work upon reusable rockets, projects like Starship and its venture to provide satellite-based broadband venture Starlink.

Reported by: Shikhar Mehrotra
SpaceX valued at over $100 billion, becomes second most valuable private company
IMAGE: PTI | Image:self
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Following a share sale last week, Elon Musk's SpaceX has been valued to be over $100 billion, which roughly translates to Rs. 75,30,000 crores. Investors in the rocket manufacturing company sold privately held stocks worth up to $755 million and as only existing shares were sold, the company did not have to raise capital, as reported by CNBC. The shares were sold at a price of $560 per share, which is a 33% rise from the share value at $410.33 in February 2021. The company was last evaluated to be worth $74 billion earlier this year. 

Along with the deal, SpaceX has now become the world's second-most valuable private company, only behind ByteDance (a Chinese company that owns TikTok). Since SpaceX is not a publically traded company, the financing and other details of the investors is kept private. In recent years, SpaceX has raised a lot of funding to work upon reusable rockets, projects like Starship and its venture to provide satellite-based broadband internet to remote areas in the world, Starlink. 

Elon Musk's SpaceX is working on multiple ventures, including Starship and Starlink

SpaceX is working on a mission to make interplanetary travel possible and with that in mind, the company is developing Starship, a rocket that is fully reusable and carries up to 100 people. The Starship program contains a two-stage vehicle that consists of a first-stage booster called Super Heavy and a second stage spacecraft that is called Starship. The rocket gets its name from the idea that it will be able to go on interplanetary missions in due course of development. SpaceX was found back in 2002. 

With Starlink, SpaceX is willing to provide stable satellite-based internet connections to remote areas across the world where wired connections are too difficult to set up. The company is planning to provide data services through a constellation of a few thousand low-orbit satellites. The company claims that it will be able to provide a latency between 20ms and 40ms and a data speed between 50 Mbps and 150 Mbps and will begin with services by next year. For more updates on SpaceX and other tech news, stay tuned. 

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Published October 10th, 2021 at 11:14 IST

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