SpaceX is now one of the most valuable private companies in the world with a scalable business in the Starlink satellite internet sector among others.
Elon Musk-backed Space Exploration Technologies Corp commonly referred to as SpaceX has seen its total valuation climb to as high as $180 billion, according to the latest estimates by Bloomberg. The space telecommunications company has continued to make waves despite the hostile environment between Musk and the current United States government led by President Joe Biden.
Furthermore, SpaceX has launched more than 5000 satellites since its inception and its internet services are available in dozens of jurisdictions around the world. Consequently, the company takes pride in more than 2 million subscribers of its internet services from around the world.
Meanwhile, SpaceX has given insiders to sell their stock holdings at a market price of about $97, according to a person familiar with the matter. Worth noting that the company does not intend to raise new capital as no new stock will be issued through the deal. Reportedly, the stock sale period is expected to end in January, thus leaving a few weeks for interested investors to join the SpaceX shareholders group.
Spacex Market Outlook
SpaceX has significantly benefited from the exceptional leadership charisma offered by billionaire and founder Musk. The company has, therefore, continued to outshine traditional aerospace companies like Lockheed Martin Corp (NYSE: LMT), and Boeing Co (NYSE: BA), which enjoys substantial federal government support including billions worth of contracts from the United States military. Interestingly, SpaceX has also outshined legacy telecommunications companies in market valuation including Verizon Communications Inc (NYSE: VZ) which has a market cap of about $156 billion, and AT&T Inc. (NYSE: T) which has a market cap of around $117 billion.
The last time that SpaceX raised capital from private investors was in July this year when the company sold stock worth $750 million to new and existing investors at a share price of $81. The company has significantly enjoyed the unwavering support from shareholders despite the constant attacks from the US government. The Starship program has turned out to be a viable venture into space exploration following the recent successful test flight.
Meanwhile, SpaceX has announced that it has canceled the latest Falcon 9 launch due to unfavorable weather conditions in the Atlantic Ocean, which makes it unable to retrieve the reusable rockets.
SpaceX has been active in the cryptocurrency market in the past few years, including Bitcoin (BTC) and Dogecoin (DOGE). As for the leading meme coin, SpaceX will attempt to send Dogecoin to the moon orbit early next year through the mission dubbed DOGE-1, which is ostensibly paid fully in DOGE. The company also held Bitcoin worth more than $370 million on its balance sheet before reports of possible liquidation.