SpaceX wants to increase $1.7 billion in the recent funding

SpaceX wants to increase $1.7 billion in the recent funding

May 24, 2022: -SpaceX wants to increase a tremendous round of fresh funding, transmitting the private firm’s valuation to around $127 billion.

On Friday, according to a company-wide email obtained by CNBC, the space venture looks to bring in up to $1.725 billion in current capital for $70 per share. Notably, SpaceX split its stock price 10-for-1 in February, reducing the common stock to $56 a share, with the latest valuation meaning a 25% increase.

SpaceX is conducting a secondary sale to company insiders and existing shareholders for up to $750 million in common stock. The company performs these secondary offerings regularly, as a way for long-time stockholders to sell equity, given that SpaceX has remained private for over 20 years since its founding.

Details of the cash infusion were not yet reported. The New York Post first reported SpaceX was looking to bring in more funding and noted, citing unnamed sources, that the capital increase has seen “tepid demand” so far.

The company’s valuation has soared in the last few years. SpaceX has raised billions to fund work on two capital-intensive projects: the next generation rocket Starship and its global satellite internet network Starlink.

The company’s funding round comes as founder and CEO Elon Musk is embroiled in sexual harassment allegations reportedly from a former SpaceX jet flight attendant. The billionaire is refusing the claims against him as “wild accusations.” The flight attendant allegedly did not sue SpaceX and instead got a $250,000 severance agreement in 2018.

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SpaceX wants to increase $1.7 billion in the recent funding