Italy's Largest Bank Invests In SpaceX

Tyler Durden's Photo
by Tyler Durden
Friday, Oct 06, 2023 - 02:50 PM

Italy's largest bank announced Friday that it invested in Elon Musk's Space Exploration Technologies Corp. (SpaceX). The thesis behind the investment is very clear by the bank: "The aerospace sector can play a crucial role in driving the development and growth of the world's economies." Yet more evidence Democrats and their radical leftist corporate media outlets, who have been in an all-out crusade against the billionaire, are failing to 'cancel' him. 

"In line with the 2022-2025 Business Plan, which makes innovation one of its main pillars, Intesa Sanpaolo invests in SpaceX (Space Exploration Technologies Corp.). SpaceX is a privately held company based in Hawthorne, California, and the world's leading provider of launch services," Intesa Sanpaolo SpA wrote in a press release. 

Intesa Sanpaolo said SpaceX "manufactures and launches the world's most advanced rockets and spacecraft" and has deployed the "most advanced broadband internet system": Starlink. SpaceX's achievements are why the bank "has chosen to invest in a company that has shown a cutting-edge vision for the future." 

The bank did not reveal how much it invested nor at what valuation. The latest figures from a document sent by SpaceX Chief Financial Officer Bret Johnsen show SpaceX is worth around $81 a share, or about $140 billion market cap. 

"To my knowledge, we do not need to raise incremental funding for SpaceX," the billionaire said in April.

SpaceX remains one of the world's most valuable private companies. 

Musk laughed in June when asked in a live X audio interview with Bloomberg about a potential IPO for Starlink. He said it wouldn't be "legal" for him to comment. 

The next big development for SpaceX will be the second launch of the next-generation Starship rocket. 

Democrats and their corporate media cheerleaders launched an all-out blitz last month against the billion in what some have deemed 'Starlink-Gate'. The move was to cancel the billionaire, but it has proven to be an utter failure.