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Bloomberg reports that SpaceX will sell its privately held shares at a new price of $112 apiece. With a new valuation of $210 billion, the company now tops the U.S. unicorn charts and is close to number one globally.

In May, Elon Musk reiterated to X that SpaceX does not need external financing, but said the company will indeed buy back shares. Since the company’s inception, SpaceX has offered its employees shares to sell at certain times of the year, usually every six months.

These “tender offers” give us insight into the company’s self-worth and the amount investors are willing to pay for company stock. Unlike public companies, whose stock prices are visible in real time during trading hours, private companies are not required to publicly disclose stock price details and usually do not.

According to sources, SpaceX’s valuation is nearly $210 billion, according to Bloomberg, which is also a new record for US companies. According to CBINSIGHTS, SpaceX is the second highest valued unicorn in the world, just behind Bytedance, the owners of TikTok.

SpaceX’s last known valuation was $180 billion in December, with a stock price of $97 per share.

Is there a limit to the value of SpaceX?

SpaceX’s exorbitantly high valuation is due to the company’s dominance in commercial launches and its success in breaking through its Starlink satellite internet.

SpaceX has a virtual monopoly on commercial spaceflight. India’s ISRO even says they have rockets in stock but no customers because SpaceX is so cheap. Even though it was long believed that smaller, dedicated rockets could be successful, the current rule is that if you don’t compete with SpaceX, you won’t be successful.

And because of this superior launch performance, Starlink has benefited, with now over 6,000 satellites in orbit, the latency and reliability of the service have improved significantly. The latest update from SpaceX states that Starlink has over 3,000,000 subscribers worldwide and that number is growing daily.

Personally, I’m looking forward to finally trying out Starlink internet at EAA AirVenture later in July.

At the moment, it doesn’t look like anything will change for SpaceX. Its competitors are still far from a competitive and responsive launch frequency. For satellite internet providers, Amazon’s Kuiper project would be the biggest competitor. The company plans to start beta testing for customers in early 2025.