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SpaceX Raising $750 Million In New Funding Round

Space exploration company, SpaceX, is raising $750 million in a new funding round that sees its valuation reach $137 billion. The latest report continues to show the firm’s immunity to CEO Elon Musk other activities.

This is sequel to a report from a month ago that the company was beginning to allow insiders sell their stock at $77 per share. In 2022, SpaceX raised $2 billion to fund its projects and reached a market cap of $127 billion by the middle of the year.

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CNBC cites an internal mail to investors as its source for the impending $750 million funding round and has named Andreessen Horowitz as the leader of the round. The private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz, is also known as a16z. It has notably invested in tech firms like Facebook, Twitter, Coinbase, Lyft, Medium, Figma, and so on.

Elon Musk, SpaceX CEO
Elon Musk, SpaceX CEO. Image Source: CNBC.

Also, while the capital firm has not confirmed its involvement, it was part of the backers of Musk’s $44 billion Twitter acquisition.

Backing SpaceX makes sense as the company reached a milestone of 60 launches in 2022, using reusable rockets from its Falcon project. However, it is still struggling to complete its Starship and Super Heavy launch vehicles which is expected to accelerate launches in future. The space firm is also eyeing possible NASA contracts including bringing back residents on the International Space Station.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.