Tech entrepreneur Elon Musk is taking a ride. According to reports, after the secondary stock sale last week, the valuation of his space exploration company soared to more than US$100 billion (75,300 crore). According to CNBC, SpaceX investors sold privately held shares of up to US$755 million (Rs 5,685 crore) at a price of US$560 (Rs 42,171) per share. This means that the company does not have to raise funds because it only sells existing shares. The latest valuation of SpaceX stock is $560 per share, which rose 33% in February when SpaceX was sold for $410.99 (30,950 rupees) per share. A round of financing in February brought the company’s valuation to 74 billion U.S. dollars (557.2 billion rupees).

According to data from CB Insights, with this jump, SpaceX is now the world’s second most valuable private company, second only to TikTok’s parent company Bytedance, which is worth 140 billion U.S. dollars (105 million rupees).

“According to several people familiar with the matter, SpaceX has reached an agreement with new and existing investors to sell up to $755 million in stock from insiders at a price of $560 per share-raising the company’s valuation to $100.3 billion,” CNBC reported say.

The California-based company was founded in 2002 to put satellites into orbit and transport astronauts to and from the International Space Station. Recently, it put a civilian spacecraft into orbit. After three days in a zero-gravity environment, the crew returned to Earth safely.

The company is working on two other noteworthy projects-launching Starlink satellites into low-Earth orbit, providing high-speed connections to the most remote areas on the planet, and Starship rockets, designed to land humans on the surface of the moon, Mars, and more. . The Starlink project was launched in 2019 and has begun beta testing with 100,000 users. As of August, the stacking of Starship rockets has been completed.

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The soaring valuation of SpaceX is another success for Elon Musk, whose electric vehicle manufacturing company Tesla has achieved a very successful operation in the past year. All these successful adventures made Musk one of the richest people in the world. Musk recently stated on Twitter that he wanted to enter the aviation industry by manufacturing electric supersonic jets, but added that any more workload could cause his brain to explode.

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