Elon Musk can laugh all the way to the bank – now his company SpaceX is worth more than Boeing and Lockheed Martin.
The space and internet company SpaceX appears to be exceeding expectations in its ongoing share sale for existing owners, reports Bloomberg.
Currently, the company looks to achieve a valuation of $180 billion.
This would make SpaceX worth more than some of the largest defense contractors in the US – such as Boeing and Lockheed Martin – as well as telecommunications companies like Verizon and AT&T, writes CNBC.
Sold Twice a Year
According to sources, the shares will be sold for $97 each – two dollars more than what was discussed last week.
SpaceX typically conducts its secondary share sales twice a year, to give employees and other corporate shareholders the opportunity to sell their shares.
At the last sale this summer, SpaceX’s valuation was $150 billion, with shares sold at $81 each.
Monopoly in the USA
The ongoing secondary share sale thus represents a 20 percent increase in value.
SpaceX has almost a monopoly on the American market for satellite launches.
The internet operation Starlink also brings in a lot of money for the company, thanks to over 5,000 launched satellites and two million subscribers.