Photo by SpaceX on Unsplash
SpaceX Shares Valued Above Disney and Comcast
December 8, 2023
In what seems to be a trend of astronomical success, SpaceX, the brainchild of Elon Musk, is reportedly contemplating a share sale. This move carries an implied valuation for the company of an astounding $175 billion, a solid $25 billion hike from its worth in the summer, as outlined in a recent Bloomberg report.
This proposed transaction, projected to be priced at $95 per share, aims to garner between $500 and $750 million, according to anonymous insiders. SpaceX’s valuation was pegged at $150 billion back in June during its last fundraising round. Earlier this year in January, an Andreessen Horowitz-led funding effort valued the company at $137 billion, according to CNBC.
This up-and-coming valuation puts SpaceX in the same league as the globe’s most valuable businesses, such as Comcast and Disney, which are both worth around $167 billion.
SpaceX was founded back in 2002 by Musk with an audacious vision of colonizing Mars and quickly became a significant player in the space exploration industry. In the first three quarters of this year alone, SpaceX launched 69 rockets into orbit, outpacing its closest competitor, China’s space agency, which achieved 30 launches, as reported by space analytics firm BryceTech.
However, SpaceX’s journey hasn’t been without its challenges. The company’s Starship mega rocket made headlines with its second test flight in November, failing once again, albeit covering a farther distance than its first explosive launch.
The Starship, the heaviest launch vehicle in space history to date, is designed to be entirely reusable and is pegged as the key to carrying humans to Mars. After grappling with losses for two years, SpaceX celebrated a significant turnaround, reporting a $55 million profit for Q1 2023 on revenues of $1.5 billion, according to The Wall Street Journal.
There were murmurings in the industry last month about SpaceX considering a stock market listing for Starlink, its satellite internet division. However, Musk himself refuted these reports, stating that such an event is not in the immediate pipeline.
Recent News
Premium and Healthier Food Options Gain Traction
As consumers become more mindful of their spending, the global sales of cooking ingredients and meals saw a notable increase of 4.4% in 2023, driven by inflation and higher commodity prices, according to Euromonitor International. This trend underscores a shift in consumer behavior towards more economical choices while still showing a preference for premium, healthier, and environmentally sustainable options.
Dairy Manufacturers Inc. Issues Voluntary Recall of Baby Formula
In a significant move, Dairy Manufacturers Inc., a Texas-based company, has initiated a voluntary recall of several baby formula products after they were found to be noncompliant with U.S. Food and Drug Administration (FDA) regulations. The recall encompasses all lot codes of three specific products: Crecelac Infant 0-12, Farmalac 0-12, and Farmalac 0-12 Low Lactose. This announcement was officially published on the FDA’s website on Saturday.
Fitness Equipment to Become $18.4 Billion Market
The global fitness equipment market is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02% from 2024 to 2033, according to Allied Market Research. Key drivers include the integration of Internet of Things (IoT) technology in fitness devices and the rise of corporate wellness programs. IoT-enabled equipment captures workout metrics in real time, enhancing user engagement and offering personalized insights. Corporate wellness initiatives promote physical activity in the workplace, increasing demand for fitness equipment in corporate gyms.
Walmart Ends Partnership with Capitol One
Walmart has officially ended its consumer credit card agreement with Capital One, marking a significant shift in the retail giant’s financial partnerships. This decision follows a series of disputes over customer service issues that culminated in a legal battle and a federal judge’s ruling.