Elon Musk’s rocket and satellite organization, SpaceX, has apparently raised another $850 million, sending its valuation taking off to about $74 billion.
SpaceX raised the funds at a cost of $419.99 per share, CNBC revealed, refering to individuals acquainted with the financing. That is barely short of the $420 mark at which Musk in 2018 said he had the “funding secured” to take Tesla private; the Securities and Exchange Commission asserted it was a reference to weed.
SpaceX took in $1.9 billion in August, putting its valuation at about $46 billion. The organization is gobbling up money as it seeks after yearning projects, for example, its Starlink satellite internet service and Starship rockets.
The hop in SpaceX’s valuation addresses another triumph for Musk, whose electric car-company, Tesla, has taken off by about 350% in incentive over the previous year. It has made the outspoken entrepreneur one of the richest people in the world.
Musk said on Twitter before in February that Starlink, which expects to build a “constellation” of satellites to give high-speed internet to clients around the world, “is a staggeringly difficult technical & economic endeavor.”
“However, if we don’t fail, the cost to end users will improve every year,” he added.
He said in different tweets that SpaceX “needs to pass through a deep chasm of negative cash flow over the next year or so to make Starlink financially viable,” adding that “once we can predict cash flow reasonably well, Starlink will IPO.”