SpaceX raises $850 million at Elon Musk’s favorite price of $420 per share, report says
Elon Musk’s rocket and satellite company, SpaceX, has reportedly raised another $850 million, sending its valuation soaring to about $74 billion.
SpaceX raised the funds for $419.99 per share, CNBC reported, citing people familiar with the financing. That’s just shy of the $420 mark at which Musk in 2018 said he had the “funding secured” to take Tesla private; the Securities and Exchange Commission alleged it was a reference to weed.
SpaceX took in $1.9 billion in August, putting its valuation at about $46 billion. The company is gobbling up cash as it pursues ambitious projects such as its Starlink satellite internet service and Starship rockets.
The jump in SpaceX’s valuation represents another victory for Musk, whose electric car-company, Tesla, has soared by about 350% in value over the past year. It has made the outspoken entrepreneur one of the richest people in the world.