Skip to content
SpaceX’s new $ 850 million raise confirmed in SEC filing – TechCrunch

SpaceX has not released any public statement on the $ 850 million in funding fees CNBC reported last week, but a filing with the United States Securities and Exchange Commission (SEC) released today confirms the cycle. SpaceX’s funding valued the company at around $ 74 billion, with a per share value set at just under $ 420.

Investment firm Sequoia led the massive increase and has now invested more than $ 600 million in the Elon Musk-led space company between that and a round it participated in in 2020, according to Bloomberg. The CNBC report also said a secondary sale of existing shares generated $ 750 million in additional capital for the company, bringing the total new funds available for SpaceX’s use to $ 1.6 billion. – not too far from the $ 2 billion she raised to a value of $ 46. billion last August.

It probably seems like a lot of money to be raised in less than a year. But few companies – private or otherwise – have the kind of capital needs SpaceX has. Although he was able to build a thriving start-up business with the funds raised during the early part of his existence which now lasts for nearly two decades, this has not slowed the pace at which he takes on great projects with huge upfront costs.

Currently, SpaceX is rapidly building new prototypes of its Starship, a next-generation reusable rocket with several times the cargo capacity of its current Dragon spacecraft and the Falcon 9 cargo nose. It has flown a number of prototypes – and in lost two due to missed landings. The company typically has at least two new prototypes under construction simultaneously and has been operating at this rate for many months now, with a very manual production process for the rockets and the new engines that power them.

Meanwhile, he’s also building Starlink – the global constellation of broadband internet satellites that he wants to scale from its current size of over 1,000 to over 12,000 for ultimate global coverage. To scale it up quickly and make its service operational (which it is now, to select areas in North America), SpaceX launched its own dedicated Falcon 9 rockets with 60 Starlink satellites on each. Since the company is its own client for the majority of these assignments, it is all about operating expenses. Musk estimated that the full deployment of Starlink would require around $ 10 billion.

These two projects – Starship and Starlink – come with huge upfront costs, but they also have a lot of potential long-term benefits; hence the soaring valuation as both efforts begin to yield positive results, between Starship’s high-altitude testing and the initial availability of Starlink’s service.


Source link