Destiny Tech100 Inc (DXYZ), a fund offering retail investors exposure to high-profile private startups, witnessed a significant pre-market surge of nearly 8% on Wednesday. This rally was likely driven by the staggering valuation of one of its major holdings, SpaceX, at around $350 billion.
According to reports, SpaceX and its investors have agreed to purchase as much as $1.25 billion of insider shares in a transaction that values Elon Musk's rocket and satellite maker at approximately $350 billion. This valuation represents a substantial increase from the $112 per share price set in a prior valuation less than three months ago.
As SpaceX is Destiny Tech100's largest holding, making up about 37.6% of the portfolio, the company's valuation surge has positively impacted the fund's performance, leading to the pre-market rally in DXYZ stock. This development cements SpaceX's status as the most valuable private startup in the world, with a market capitalization rivaling some of the largest public companies.
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