Tesla boss Elon Musk’s SpaceX completed an equity funding round of $850 million, CNBC reported on Tuesday, citing people familiar with the financing.

SpaceX raised the funds at $419.99 a share, CNBC reported here.

The latest influx of cash comes as SpaceX continues to simultaneously develop two capital-intensive projects, according to the report.

Starlink is its ambitious project to build an interconnected internet network with thousands of satellites, known in the space industry as a constellation, designed to deliver high-speed internet to consumers anywhere on the planet. SpaceX leadership has previously estimated Starlink will cost about $10 billion or more to build, but believes that the network could bring in as much as $30 billion a year — or more than 10 times the annual revenue of its existing rocket business, the report said.
SpaceX to date has launched more than 1,000 satellites for Starlink, while beginning to roll out early service in a public beta to customers in the U.S., Canada, and the U.K. The company recently widened the scope of that public beta, allowing prospective users to preorder Starlink service for $99. Preorder messages tell users that SpaceX is “targeting coverage in your area in mid to late 2021,” while other preorders say 2022.

SpaceX’s latest raise also represents a jump of about 60 per cent in the company’s valuation from its previous round in August, when SpaceX raised near $2 billion at a $46 billion valuation.

In addition to SpaceX further building a war chest for its ambitious plans, company insiders and existing investors were able to sell an additional $750 million in a secondary transaction, one of the people said.

Notably, SpaceX raised only a portion of the funding available in the marketplace, with one person telling CNBC that the company received “insane demand” of about $6 billion in offers over the course of just three days, according to the report.

The company did not immediately respond to a Reuters request for comment.