- SpaceX has raised $850 million at a valuation of $74 billion, according to CNBC’s sources. These are the details.
SpaceX has raised $850 million in equity funding last week, according to sources with CNBC. This round of funding was at about $74 billion valuation, up about 60% from the $46 billion valuation based on its last funding round in August of last year. The funds were raised at about $419.99 per share.
It is believed that SpaceX insiders and existing investors were able to sell $750 million in a secondary transaction. Since SpaceX is not publicly-traded, the fundraising has been private and CNBC’s sources were anonymous.
CNBC’s sources said that the demand for investing in SpaceX was very high and it had received $6 billion in offers over 3 days.
SpaceX has been aggressively raising capital in order to fund the development of interconnected networks using thousands of satellites (constellation) in order to offer high-speed Internet to consumers around the world. This project – which is known as Starlink – alone was estimated to cost at least $10 billion or more. But the company estimates that it could generate $30 billion per year in revenue.
So far, SpaceX launched over 1,000 satellites for Starlink and a public beta of the service is being tested. And SpaceX CEO Elon Musk indicated that SpaceX has plans to take Starlink public separate after cash flow can be predicted.
SpaceX is also preparing for the third launch of a Starship prototype. Below are videos of the last two tests:
