Insider Stock Sales Value Company at $100.3 Billion
33% Increase Since February
Becomes World's Second Largest Private Startup by Valuation
[Asia Economy New York=Correspondent Baek Jong-min] SpaceX, the space development company founded by Elon Musk, CEO of Tesla, has been valued at 120 trillion won. This makes it a hectocorn company, which is 100 times the value of a unicorn company, typically defined as a company worth over 1 billion dollars.
On the 8th (local time), CNBC reported, citing sources, that SpaceX sold $755 million worth of insider shares to existing shareholders and new investors, resulting in a company valuation of $100.3 billion (approximately 120 trillion won). It is not known which insiders sold the shares.
The sale price per share was $560, a 33% increase from the $419.99 (about 500,000 won) price during the fundraising in February. SpaceX was valued at $74 billion (88.5 trillion won) in February.
A unicorn refers to a private startup company valued at over $1 billion, while a hectocorn refers to a private startup valued at over $100 billion.
Sources said this transaction was a sale of existing issued shares and that SpaceX did not raise new funds.
According to market information provider CB Insights, SpaceX is the largest private startup company by valuation after China's ByteDance, the parent company of the video-sharing platform TikTok, and fintech company Stripe.
SpaceX is developing the next-generation spacecraft 'Starship' to transport people and cargo to the Moon and Mars, and has continuously raised funds while promoting the satellite internet 'Starlink' business to over 100,000 subscribers in 14 countries, which has steadily increased its company value.
Recently, SpaceX also succeeded in the first private space travel without professional astronauts.
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