SpaceX's valuation skyrockets to $350 billion after stock repurchase

• On Wednesday, CNBC reported that SpaceX's valuation reached $350 billion after a successful secondary share sale.
• According to CNBC, SpaceX and investors reached an agreement to purchase stock from insiders in a $1.25 billion offer at a price of $185 per share.

On Wednesday, CNBC reported that SpaceX's valuation reached $350 billion after a successful secondary share sale.

According to CNBC, SpaceX and investors agreed to buy stock from insiders in a $1.25 billion purchase offer at $185 a share. This round does not involve raising new capital, as it represents a secondary sale of existing shares.

SpaceX regularly conducts secondary share sales, approximately twice a year, to allow employees and shareholders to sell their stock. The latest valuation represents a 67% increase from SpaceX's previous high of $210 billion, which was achieved through a June secondary share sale.

The U.S. satellite launch market is dominated by the space company, which relies on its Falcon rockets, while its competitors have faced challenges in launching operational rockets.

The satellite internet business of SpaceX, driven by its Starlink project, is a significant economic force for the company, with over 7,000 satellites launched and 5 million subscribers.

SpaceX's $185 a share pricing was first reported by Bloomberg, but the company did not immediately respond to CNBC's request for comment on the sale process.

According to Musk's response to a social media post regarding the SpaceX share sale, there were very few investors interested in selling their shares at the new $350 billion valuation.

Musk wrote that SpaceX decreased the number of shares it repurchased from employees to enable new investors to join.