Tech tycoon Elon Musk is now at the helm of one of the most valuable private technology companies in the United States—let alone the world.
SpaceX raised $350 million in its latest funding round—according to estimates by Equidate, a stock market for private companies—surging the value of the space exploration company to $21.2 billion.
The new financing catapults the company’s worth to nearly double its previous valuation of $11 billion. Equidate’s data also puts SpaceX’s price per share at $135, up nearly $40 from its previous price of $96.42.
With this double-digit growth, SpaceX becomes one of five private companies in the United States valued at more than $20 billion, according to CrunchBase data.
Although SpaceX’s unicorn status isn’t new, a recent study suggests the space transportation startup might be overvalued. Research by the University of British Columbia and Stanford University found that roughly half of all unicorn companies are overvalued—some by more than as 100 per cent. Once rare, there are now more than 100 venture capital backed companies in the US that are valued at more than $1 billion.
SpaceX’s new valuation came the same day Elon Musk finally set a date—well a month—for Falcon Heavy’s launch. As with Musk’s other ventures, the rocket’s first flight is much-anticipated after years of delay.