SpaceX nears $150bn valuation
July 17, 2023
By Chris Forrester
July 13th saw a secondary sale of shares from existing investors with stock priced at $81 per share, and a modest rise over the most recent cash-raising which saw shares sold at $77.
A total of $750 million in new cash was raised in the offering exercise according to a CNBC report, meaning that the company now has a value close to $150 billion.
SpaceX has an agreement with new and existing investors to sell up to $750 million in stock from insiders at $81 a share, according to a copy of the purchase offer sent by CFO Bret Johnsen on July 13th, which CNBC obtained.
Elon Musk had said in April that SpaceX did not anticipate needing to raise fresh funding.
SpaceX continues to earn cash from commercial clients needing to launch their satellites and is now enjoying a near-monopoly in terms of large satellite launches.
SpaceX is also continuing to launch its own Starlink broadband-by-satellite craft with close to 5000 satellites now launched. SpaceX has earlier announced it had achieved 1.5 million subscribers and stated that it expected Starlink to make money in 2023.
It has also emerged that Starlink is now available to users in Cyprus. Turkey is still not active as far as ‘greater’ Europe is concerned (but is highlighted as “coming soon”). India is another potential major market which is said to be “coming soon”.
More immediately, prices for Starlink kit and subscriptions have been cut in Spain as they have elsewhere in Europe. Starlink is facing vigorous competition from Hispasat (€35/month) for a satellite-based connection. Starlink “for a limited time” is cutting the costs of its equipment from €450 to €199.
SpaceX added 54 of its Starlink craft on Sunday from Cape Canaveral. This was the 16th flight for the first stage booster supporting this mission. After stage separation, the Falcon 9 booster landed on the A Shortfall of Gravitas droneship in the Atlantic Ocean and – no doubt – in readiness for its 17th launch.