Musk: SpaceX stock sale report is "just a regular share repurchase"

Korea Economic Daily

Summary

Elon Musk, CEO, said that reports of insider stock sales by SpaceX are not external sales but merely regular share repurchases.
Musk explained that the company's valuation rose due to progress in Starship and Starlink and the securing of satellite-to-cellphone direct communication (DTC) frequencies.
SpaceX's commercial Starlink contributes the most to its revenue, and NASA will account for less than 5% of next year's revenue.

Amid reports that SpaceX is selling insider stock at a valuation of $800 billion (about 1,180 trillion won), CEO Elon Musk denied them.

On the 6th (local time), Musk refuted the report on X, saying it was "not accurate."

He said, "SpaceX has had strong cash flows for years," and explained, "We conduct regular share repurchases twice a year to provide liquidity to employees and investors." He clarified that the company is buying shares held by employees and investors, not selling internal shares to outsiders.

He added that the rise in valuation was "the result of progress in Starship and Starlink and the securing of satellite-to-cellphone direct communication (DTC) frequencies, which greatly expanded the potential market."

He also emphasized that the private sector accounts for the overwhelming share of SpaceX's revenue. Musk said, "I have great affection for NASA, but NASA will account for less than 5% of our revenue next year," and stated, "Commercial Starlink contributes the most to our revenue." He also dismissed claims that Starlink receives subsidies from NASA as "absolutely false."

Sooyoung Kim Hankyung.com reporter swimmingk@hankyung.com