SpaceX raises US$1.68b, under its targeted financing goal

ELON Musk’s SpaceX raised US$1.68 billion in fresh financing, less than what it had offered investors for a stake in the closely held rocket launch and satellite company.

Hawthorne, California-based Space Exploration Technologies, as it’s formally known, sold the equity to a group of 74 investors having offered US$1.72 billion of equity, the company said in a regulatory filing Monday (Jun 13).

SpaceX was in talks to raise the funds at a valuation of US$125 billion, Bloomberg reported in May. The round would represent a jump from a previous valuation of around US$100 billion reached in a round last year.

The added funds are expected to help SpaceX build out its Starlink satellite constellation, complete its next-generation Starship spaceship and heavy-lift rocket and continue to recruit aerospace engineering talent in a competitive industry. BLOOMBERG