Space X, the Elon Musk-owned spacecraft manufacturer and satellite internet company is raising $750 million in a new round of funding which will raise the company’s valuation to $137 billion, according to a report by CNBC.
Bloomberg reported last month that Space X was allowing insiders to sell $77 per share, valuing the company close to $140 billion. The company raised over $2 billion in 2022. It secured $250 million in a round in July and as of May was valued at $127 billion.
The round is set to be led by Andreessen Horowitz (a16z), according to an e-mail sent to prospective investors. Andreessen Horowitz also participated in Elon Musk’s leveraged buyout of Twitter, which was concluded in October 2022. Under its portfolio, the company has founders like Founders Fund, Sequoia Gigafund, etc.
Space X has achieved several milestones, especially last year but faced delays to its Starship program, a program which is part of NASA’s effort to bring astronauts back to the moon.
The company’s satellite internet service, Starlink surpassed 1 million subscribers and offered Ukraine a lifeline that was useful to people who suffered infrastructure disruptions after Russia’s invasion.
Via its Falcon program, SpaceX also managed to exceed 60 reusable rocket launches in a single year. Currently, the company is continuing its Starship and Super Heavy launch Vehicles at its Starbase facility in Texas. For now, however, it is unclear when the company will move to the next step of the program which entails an orbital launch test of these larger vehicles.
There are, however, worries that the recent controversies surrounding Elon Musk and his handling of Twitter. Recently, NASA Administrator Bill Nelson asked Space X’s President and COO Gwynne Shotwell if Elon Musk’s handling of Twitter would not affect Space X’s work with the agency. Gwynn Shotwell assured the NASA Administrator that it would not affect the relationship that both parties have.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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