Elon Musk’s rocket and satellite internet company Space X, is raising $750 million in a new funding round, which has currently placed the company’s valuation at $137 billion.
According to a Bloomberg report, on December 13, 2022, it disclosed that Musk was offering to sell insider shares at a price that would increase the company’s valuation to about $140 billion. Insiders at the company disclosed that a share price was pegged at $77.
In July 2022, it raised the sum of $250 million in an equity round, which increased the total amount raised to $2 billion during that period.
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However, in its filing, the company did not disclose the identity of those who invested funds, but revealed the total number of investors as five.
The company’s value has continued to soar in the last few years, with SpaceX raising billions to fund work on two capital-intensive projects the next-generation rocket Starship and its global satellite internet network Starlink. Its value hit $127 billion during its previous equity round in May, in which the raise brought in $1.725 billion.
On the flip side, Starlink’s internet service exceeded 1 million subscribers, and recall that Musk gave Starlink stations to Ukraine at the beginning of the Russian invasion, after they suffered breakdown of internet service.
This gesture helped Ukrainians including their military by providing them with a digital lifeline. SpaceX also managed to surpass 60 reusable rocket launches in a single year via its Falcon program.
The company is currently continuing the development of its Starship and Super Heavy launch vehicles at the company’s Starbase facility in Boca Chica, Texas.
It’s not clear when the company will move to the next step of the program, which entails an orbital launch test of these larger vehicles.
SpaceX is working toward the next milestone in Starship’s development, the first attempt to reach orbit. The rocket company has launched numerous cargo payloads and astronauts to the International Space Station.
Its Starlink unit operates thousands of satellites providing internet services from orbit, and it is looking to generate revenue from applications such as providing high-speed internet to airlines.
The company’s worth surpassed the $1bn mark in 2010 and has since increased massively. SpaceX stock valuation in Musk’s personal holdings was around $61.6bn, based on an estimate that he owned a 44% stake in the company, as of December 2022.
Founded in 2002, the company aims to commercialize space transportation and enable exploration of the Moon and the colonization of Mars.
- SpaceX is raising $750 million in a new round of funding that values the company at $137 billion, according to correspondence viewed by CNBC.
- Andreessen Horowitz, also known as a16z, is said to be a lead investor in the new funding round.
- Early SpaceX investors included Founders Fund, Sequoia, Gigafund and others.