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SpaceX valuation rose by 12%, says fund where rocket launcher is top holding

SpaceX’s valuation rose by 12% over the last year, according to a fund where the rocket launching company founded by Elon Musk is its top holding.

The Baillie Gifford U.S. Growth Trust said Thursday that the valuation of its stake in the year to May 31 rose to £39.2 million from £35 million, a period in which the pound fell by about 1% in value vs. the U.S. dollar. It didn’t identify how much of the company the fund held.

The fund discussed the performance of SpaceX in its annual review.

“In 2018 SpaceX made 21 launches, about half of which made successful ground landings. In 2022 the company launched 61 orbital missions, nearly doubling its previous single-year record of 31, set in 2021. That number means that SpaceX launched, on average, every six days from one of three sites. It is driving the launch market, taking two-thirds market share,” said the fund.

It pointed out that SpaceX has been able to drive down costs by using reusable rockets, including relaunching one of its Falcon rockets for the fifteenth time, while its COO and president, Gwynne Shotwell, has stated the Starlink internet business will make money this year.

Bloomberg’s Billionaires index says Musk’s stake in SpaceX is valued at $53 billion, about a quarter of his net worth of $224 billion.

This story originally appeared on Marketwatch

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