Elon Musk’s SpaceX has raised yet a new round of funding last week, reports CNBC, sending the rocket company’s valuation up yet again.
According to unnamed sources, SpaceX raised $850 in new funds last week, at $419.99 USD per share (1 cent below $420). The valuation of SpaceX is now nearly $74 billion USD.
The latest funding round sees SpaceX’s valuation increase by nearly 60% since its previous funding round from last August, when it raised close to $2 billion for a $46 billion valuation.
Beyond this $850 million raise, CNBC reports “company insiders and existing investors were able to sell an additional $750 million in a secondary transaction, one of the people said.”
One source said there was “insane demand” of roughly $6 billion in offers over 72 hours.
The new funding will provide cash for SpaceX to continue to pour capital into its Starlink satellite internet program and also the company’s goal of sending its Starship rocket to Mars.
While Starlink is said to cost about $10 billion or more to complete, SpaceX believes its potential will be threefold in annual revenues, possibly up to $30 billion. That’s over ten times the annual revenue of SpaceX’s rocket business, points out CNBC.
