This is wild.
Thrusters Engaged
SpaceX CEO Elon Musk, the richest man in the world, just got a lot richer.
The private space company's valuation has sky-rocketed to $350 billion following a secondary share sale, CNBC reports, a stunning 67 percent rise from its June 2024 valuation that further cements its dominance in the industry.
That means SpaceX is now worth more than McDonald's, Coca-Cola — or even other top US defense contractors, per CNBC.
The news also highlights just how much Musk's influence over president-elect Donald Trump has instilled a sense of confidence among investors.
"What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!" Musk tweeted. "SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in."
Space Domination
Now that Musk has established himself as the right-hand man of the soon-to-be most powerful person in the world, SpaceX could greatly expand its key businesses in a regulatory vacuum.
The news comes after Trump promised Musk and other billionaires an easy way to bypass "approvals and permits, including, but in no way limited to, all Environmental [sic] approvals."
"This is awesome," gloated Musk in response.
SpaceX has plenty of irons in the fire. For one, it's currently developing its Starship, a heavy-lift launch platform that could soon play an important role in NASA's efforts to return humans to the surface of the Moon for the first time in over half a century.
The company has also deployed over 6,700 Starlink satellites, by far the largest constellation to provide consumer-focused internet services.
SpaceX has also established itself as a key launch partner for the Pentagon, allowing defense contractors to send spy satellites and other top-secret assets into orbit.
Trump also recently named billionaire tech founder and SpaceX space tourist Jared Isaacman as the next head of NASA, which could give the space company even more leverage when it comes to federal funding and government contracts.
Meanwhile, Musk's personal net worth has topped $400 billion — the first person to ever do so.
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