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Elon Musk’s SpaceX Looks To Raise $1.7 Billion in New Funding


A Falcon 9 rocket launches a series of Starlink satellites into orbit on April 29, 2022.

SpaceX

CNBC has learned that SpaceX is raising a huge new round of funding, bringing the valuation of the private company to about $127 billion.

The space venture is looking to raise up to $1.725 billion in new capital, at a price of $70 per share, according to a company-wide email obtained by CNBC on Friday. Remarkable, SpaceX divides its stock price by 10 by 1 in February, reducing its common stock to $56 a share — with the new valuation representing a 25% gain.

SpaceX is also conducting a secondary sale to company insiders and existing shareholders for up to $750 million in common stock. The company conducts these secondary offerings on a regular basis, as a way for longtime shareholders to sell equity, as SpaceX has remained private for more than 20 years since its founding.

Details of the transfer were not previously reported. The New York Post It was first reported SpaceX was looking to bring in more funding, and noted, citing unnamed sources, that the capital raise had seen “low demand” so far.

The company’s valuation has skyrocketed over the past few years as SpaceX has raised billions of dollars to fund two capital-intensive projects: Starship next generation rocket ship and its Starlink global satellite internet.

Company funding round comes as founder and CEO Elon Musk To be embroiled in alleged sexual harassment allegations from a former SpaceX flight attendant. The billionaire has denied the claims made against him are “extravagant accusations”. The flight attendants are said to have not sued SpaceX, and instead reached a $250,000 severance agreement in 2018.



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