Elon Musk’s SpaceX to split its private stock 10-for-1

A SpaceX Falcon 9 rocket and Dragon spacecraft ahead of the Inspiration4 mission in Merritt Island, Florida, U.S., on Wednesday, Sept. 15, 2021.

CNBC has learned that the value of the common stock of Musk's company is being split 10-for-1.

After the conversion, the holder of each share of stock will have 10 shares. CNBC obtained an email from the company that said the split reduces the value of the common stock to $56 a share.

The email said that the split has no impact on the overall valuation of the company or the value of your holdings.

CNBC had a request for comment from SpaceX, but they did not respond immediately.

The email emphasizes that a stock split does not fundamentally change anything about the company. Sometimes high-growth tech companies like Apple or Alphabet do stock splits to make the shares more accessible or manageable, and the move is seen as a way to make the shares more accessible or manageable.

Multiple people familiar with the private company say that this is the first time that they have performed a stock split.

The company's valuation has soared in the last few years as it has raised billions to fund work on two capital-intensive projects: the next generation rocket Starship and its global satellite internet network Starlink.