Elon Musk’s SpaceX has completed another round of equity funding, and just like its rockets its valuation has soared to around $74 billion.
According to people familiar with the financing who spoke to CNBC, SpaceX raised $850 million in the funding round which ended last week. Funds were raised at $419.99 per share, just one cent off $420, a number Musk just can’t seem to shake.
With this latest influx of cash, SpaceX’s valuation now sits at around $74 billion. That is 60% higher than after its last funding round in August 2020 when it raised nearly $1.9 billion at a $46 billion valuation.
Even with the high numbers, the company could have secured even more funding. Over the course of three days SpaceX reportedly received “insane demand” of about $6 billion in orders.
The cash infusion comes as SpaceX is ramping up the testing program for its Starlink satellite internet service. Earlier this month Musk said the company will be in a “deep chasm of negative cash flow over the next year or so.”
He added that once the cashflow from the fledgling company can be predicted “reasonably well”, he will take it public.