Elon Musk’sCNBC learned that SpaceX has decided to split its common stock 10 times for $1. This is in response to the valuation of the company. soared to more than $100 billion.

This means that for every share of SpaceX stock held as of Thursday, the holder will now have 10 shares following conversion. According to CNBC’s company email, SpaceX was valued at $560 per share in its latest sale. The split brings SpaceX’s stock price down to $56 per share.

The email stated that the split had no effect on SpaceX’s overall valuation or the value of its holdings.

CNBC did not receive a response from SpaceX immediately to their request for comment.

Employees are reminded that the stock split is purely cosmetic and doesn’t fundamentally alter anything. Companies occasionally perform stock splitsHigh-growth technology companies such as Google and Facebook are examples of this. AppleOder Google-parent AlphabetThis is a common way of making the shares more manageable or accessible.

Multiple people who are familiar with SpaceX’s stock split process say that this is the first SpaceX stock split.

SpaceX raised billions of dollars to finance two capital-intensive projects, and the company’s value has skyrocketed in recent years. the next generation rocket Starship its global satellite internet network Starlink.