Space Exploration Technologies Corp. Class A Common StockRival Blue Origin raises $10 billion in new funding, intensifying competition for SpaceX.
SpaceX stock is trading near its $150 IPO offer price, dipping below that level a day earlier, as rival Blue Origin reportedly raises $10 billion in new funding at a $130 billion valuation. The shares fell 7% on Tuesday despite SpaceX's addition to the Nasdaq 100 and a wave of bullish analyst initiations, with Morgan Stanley's Adam Jonas setting a $300 price target. Blue Origin's fundraise, its first from outside investors, includes $4 billion from Coatue Management, $4 billion from other large investors, and $2 billion from founder Jeff Bezos, who had self-funded the company for 25 years. The capital comes despite a New Glenn rocket explosion earlier this year that destroyed Blue Origin's only launch pad, with Bezos citing improved visibility into future financial success.
Space Exploration Technologies Corp. Class A Common StockRival Blue Origin raises $10 billion in new funding, intensifying competition for SpaceX.
Morgan StanleyMorgan Stanley analyst Adam Jonas set a $300 price target on SpaceX, but the article does not discuss Morgan Stanley's own business.
Amazon.com IncBlue Origin raised $10 billion in new funding at a $130 billion valuation, its first from outside investors.