Elon Musk’s SpaceX raises $850mn, plans massive satellite comms network

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.

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.