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Elon Musk’s SpaceX looks to raise $1.7 billion in new funding


On April 29, 2022, a Falcon 9 rocket launched a series of Starlink satellites into orbit.


CNBC learned that SpaceX raised an enormous round of funding. Its private valuation has risen to approximately $127 million.

CNBC obtained a Friday company email that stated the venture was looking for $1.725billion in new capital. The share price is $70. Notably, SpaceX split its stock price 10-for-1 in February, which reduced the common stock to $56 a share – with the new valuation representing a 25% increase.

SpaceX is also conducting a secondary sale to company insiders and existing shareholders for up to $750 million in common stock. SpaceX conducts secondary stock sales regularly as an opportunity for shareholders who have been with the company since its inception.

Information about the cash infusion was not available previously. The New York Post first reported SpaceX was looking to bring in more funding, and noted, citing unnamed sources, that the capital increase has seen “tepid demand” so far.

SpaceX raised billions of dollars to finance two capital-intensive projects, and the company’s value has skyrocketed in recent years. the next generation rocket Starship and its global satellite internet network Starlink.

The company’s funding round comes as founder CEO Elon MuskIt is embroiled in sexual harassment allegations reportedly from a former SpaceX jet flight attendant. He dismissed the “wild allegations” made against him by billionaire. SpaceX was not sued by the flight attendant. Instead, he reached a $250,000 severance arrangement in 2018.