SpaceX, the private rocket company founded by Elon Musk, is about to sell $1 billion worth of shares, a move that would slap a $400 billion valuation on the company.
Details of the Share Sale
The company announced a $1 billion share sale, allowing employees to sell their shares at $212 each, based on a document sent to investors. Additionally, SpaceX plans to buy back part of these shares. This follows a trend of tender offers that have boosted the company's valuation from $210 billion last summer to $350 billion by December.
Investors Remain Supportive
Despite the political tension with Donald Trump, investors continue to support SpaceX. Musk's previous donations to Trump’s campaign have led to speculation about political consequences, but overall, investors remain confident in the company’s prospects, brushing aside fears of government backlash.
Safety Investigation Following Crane Incident
As SpaceX continues to grow its valuation, real-world safety concerns have come to light. On June 26, a crane collapsed at the Starbase site in Texas, prompting an official investigation by OSHA. The incident was captured on viral video, raising concerns about workplace safety, a recurrent issue for the company since past incidents.
In conclusion, SpaceX is enhancing its valuation and engaging in significant deals despite facing external political challenges and internal safety issues.
