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Cities Markets

Stock Deals Moving the Needle on Valuations

When Fidelity Investments marked up its SpaceX stake by 15% last fall, while marking down many other private tech stocks, its reasoning was shrouded in mystery. It now appears the upgrade was due to SpaceX’s rising valuation in the secondary market, where investors can buy shares from employees and other shareholders.

Recent securities filings show that in October, Fidelity bought more than $85 million in SpaceX common stock at a price that would value the company at around $13.8 billion, up from $12 billion in early 2015. As new common stock is not typically issued as part of a fundraising round, Fidelity likely bought the shares from existing common stockholders, such as employees.

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