CNBC reports that Elon Musk’s SpaceX has completed an equity funding round of $850 million, raising the company’s valuation to $74 billion.
The company raised the new funds at $419.99 a share, those people said — or just 1 cent below the $420 price that Elon Musk made infamous in 2018 when he declared he had “funding secured” to take Tesla private at that price.
The latest round also represents a jump of about 60% in the company’s valuation from its previous round in August, when SpaceX raised near $2 billion at a $46 billion valuation.
In addition to SpaceX further building a war chest for its ambitious plans, company insiders and existing investors were able to sell $750 million in a secondary transaction, one of the people said.
SpaceX will use the funding to build out its 12,000-satellite Starlink broadband network and to develop its Super Heavy and Starship vehicles.