Quiet weeks are rare in Elon Musk’s world. This past Monday, Bloomberg reported that Musk was raising funds for his space company, SpaceX. At $77 a share, the offer would lift Space X’s valuation 12%, to $140 billion.
That valuation is large enough to power past defense and aerospace giant
which has an enterprise value, including debt, of $137 billion, and is the third most valuable defense and aerospace company in the West, after
Trailing Lockheed is Europe’s
Size, of course, isn’t everything. Chinese defense companies like naval shipbuilder
China Shipbuilding Industry
and defense conglomerate China North Industries Group generated more revenue than Lockheed’s $65 billion in 2022, according to Defense News. Both are state-owned, making valuation difficult. As for SpaceX, as a private company it doesn’t disclose financials, though revenue from its roughly 60 missions and its developing Starlink satellite Wi-Fi business, should amount to a few billion dollars. SpaceX, however, is still likely losing money, hence the offering.
If SpaceX succeeds in selling the shares, Musk would be about $7 billion richer. He might need it. His losses at Twitter, plus a falling Tesla stock price, have dealt a blow to what was once the world’s biggest net worth. Now, Musk’s personal valuation—comprising stakes in
Twitter, SpaceX, tunneling start-up Boring, and brain-implant company Neuralink—is down 50%, to $164 billion. As Bloomberg also reported, that puts him behind
LVMH Moët Hennessy Louis Vuitton’s
Bernard Arnault, at least as of this past week.
The National Association of Home Builders releases its Housing Market Index for December. The consensus estimate is for a 33 reading, which would match November’s. The index has declined every month this year and is at its lowest level since the onset of the pandemic. Surging mortgage rates and home-affordability issues have turned home builders quite gloomy on the outlook for the housing market.
reports second-quarter fiscal-2023 results. Shares of the sneaker giant are down 36% this year due in part to declining revenue in China, which accounts for about a sixth of the company’s sales.
FactSet Research Systems,
and General Mills report quarterly results.
The Bank of Japan announces its monetary-policy decision. The
is widely expected to buck the global trend of central banks tightening and leave its short-term interest rate unchanged at negative 0.1%.
The Census Bureau reports November residential construction data. Economists forecast that private housing starts came in a seasonally adjusted annual rate of 1.41 million last month, slightly lower than in October.
The Conference Board releases its Consumer Confidence Index for December. Expectations are for a 99 reading, about one point less than in November. The index has rebounded from its summer lows, but is down sharply over the past year.
The National Association of Realtors reports existing-home sales for November. The consensus call is for a seasonally adjusted annual rate of 4.2 million, 230,000 below October’s. The median existing-home sales price increased 6.6% year over year to $379,100 in October according to the NAR.
hold conference calls to discuss quarterly results.
The Bureau of Economic Analysis releases its third and final estimate for third-quarter gross domestic product. The GDP growth rate is expected to remain unchanged from the second estimate—an annualized 2.9%.
The BEA reports on personal income and expenditures for November. Both income and spending are forecast to have risen 0.4%, month over month. This compares with gains of 0.7% and 0.8%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core personal-consumption expenditures price index, is expected to be up 4.7%, year over year, down from 5% previously.
The Census Bureau releases the durable goods report for November. Economists forecast that new orders for manufactured-durable goods declined 0.7%, month over month, to $275.5 billion.
Write to Al Root at firstname.lastname@example.org