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Elon Musk's SpaceX Is Said to Reach $100 Billion Valuation

SpaceX has reached a valuation of at least $100 billion following a share sale by current investors this week, a media report says.
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SpaceX, the civilian space company headed by Tesla  (TSLA) - Get Tesla Inc Report Chief Executive Elon Musk, has reached a valuation of at least $100 billion following a share sale by current investors this week, a media report says. 

SpaceX reached an agreement with new and current investors to sell up to $755 million in stock at $560 a share, people familiar with the deal told CNBC. 

The sale increased SpaceX's valuation to $100.3 billion, CNBC reported. The new share price represents an increase of 33% from SpaceX's previous valuation of $74 billion at nearly $420 a share in February. 

The company raised nearly $1.2 billion from that secondary sale. Based on the current numbers, SpaceX is the world's second most valuable private company, behind China's Bytedance, the company behind the TikTok social media app, according to CNBC. 

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SpaceX's first consumer product is high-speed internet powered by a network of thousands of small low orbit satellites. 

Last month, Musk tweeted that the product, named Starlink, would complete beta testing in October.

From November 2019 through this past August, SpaceX had launched 1,800 low-orbit satellites into space to support Starlink, with an overall goal of launching about 12,000. 

Musk said in an August tweet that for the beta testing, SpaceX had shipped 100,000 Starlink terminals to users in 14 countries.

Beta testing for Starlink began in October 2020 for a high-speed internet service that Musk hopes will have 500,000 users in about a year.