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24 Feb 2021 | 08:33

SpaceX raises $850m in fresh funding round

(Sharecast News) - SpaceX's new $850m in fresh funding was confirmed in a Securities and Exchange Commission report filed on Wednesday. The company hasn't issued any public statement about the fresh funding round which now values it at around $74bn, with a per-share value set at just under $420.

Investment firm Sequoia led the raise and has now put over $600m into the company fronted by Tesla chief executive officer Elon Musk.

CNBC's previous report on the subject last week also said that a secondary sale of existing shares generated an additional $750m in capital for the company, putting the total new money available for SpaceX's use at $1.6bn.

Currently, SpaceX is rapidly building new prototypes of its Starship next-generation reusable rocket. It has already carried out test flights, two of which ended up in a crash due to missed landings.

The new rocket has multiple times the cargo capacity of the Dragon spacecraft and the Falcon 9.

The company is also developing its Starlink constellation of satellites which aims to provide global broadband connectivity. According to TechCrunch, Musk estimated that fully deploying Starlink will take around $10bn.
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