SpaceX Tender Offer Said to Value Company at Record $210B
SpaceX plans to sell insider shares at $112 each, valuing the company at $210 billion, surpassing previous valuations. This move highlights strong investor interest in Elon Musk's space venture, positioning SpaceX as the second-highest valued private company.
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SpaceX is set to sell insider shares at $112 each in a tender offer, valuing the company at around $210 billion, sources familiar with the matter revealed. This price surpasses previous discussions and marks a significant increase from the company's last valuation of $180 billion in December. The move indicates strong investor interest in Elon Musk's space and satellite venture. The new valuation places SpaceX as the second-highest valued private company, following Bytedance at $268 billion. The tender offer's pricing reflects a positive outlook on the company's future prospects and underscores the continued growth and potential of SpaceX in the space industry.
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7 commentsSo, roughly, to ensure Falcon-9 flies a lot, SpaceX invented Starlink which could use a lot of flights. Now they have a well-functioning rocket company - 2-3 second stages built per week, and ocassional first stage - and the Starlink, which is already in black.
Now they use the money to get Starship flying, and in 1-3 years they'll likely get it to fly well enough. And they'll have the question what to do with that huge capacity, so they'll have to invent something which needs a lot of super-heavy launcher flights. Could it be a significant Moon base, for tourism, science, manufacturing, resource utilization?
How much SpaceX as a company will cost then?
I've heard whispers that SpaceX has a bunch of debt that is collateralized by Tesla stock, if that's true there is clearly a case for margin pressure there.
There is the open question of what SpaceX will do with "all that lift capacity, if you give all earth to orbit contracts to SpaceX it still takes a long time to pay back that investment. Starlink was a good fit for Falcon 9, and murmurs that it is cash flow positive not withstanding, having your finger on "world internet" is cool[1] until the world takes it away from you.
On orbit refueling, which means having a fuel depot in orbit that has active cryo chillers operating to keep fuel for long periods of time, could be that answer since there is nominally "unlimited" demand for fuel in orbit, but the technology to make that work still has a lot of unknown unknowns. (I loved the ULA concept of using fuel boil off to run an internal combustion engine in the fuel depot that did active refrigeration, but that is still untested)
Still, having the only functioning orbital gas station would have even more leverage than having the only world internet. As Exxon et al have shown, you can extract a lot of value from people who can't get their gas anywhere else. Let's say a Starship flight costs $150 million to put 10 tons of cryo-fuel into orbit, can you sell it at $20 M/ton to customers? It only costs $250 - $300 to "make" liquid methane, maybe $200/ton for oxygen. That's some healthy markup and that would definitely make money.
[1] I am a Starlink customer and it has made working remotely from anywhere actually possible, that said if they decide to squeeze really hard that could cease to be the case.
Warning: Disappointingly thin, only a single paragraph in total.
I was surprised to learn Bytedance (TikTok) is only valued at $268B.
Surprised yet at the same time I'm not. Its hard to really understand money at that scale.
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