SpaceX reportedly set to raise $750 million in new funding

SpaceX

SpaceX, Elon Musk’s company, is set to raise $750 million in its next funding round, for a total company valuation of $137 billion, all amid turmoil for the company’s billionaire founder.

According to CNBC, the final funding round would be led by the venture capital firm Andreessen Horowitzwhich also invested in the takeover of Twitter by Elon Musk for $44 million.

The announced evaluation of $137 billion is also an increase from the $127 billion to which SpaceX was valued in May 2022, when it raised approx. $1.7 billion.

The latest funding round comes after a busy 2022 for SpaceX, which performed 61 launches of its Falcon reusable rockets while its satellite internet service has crossed milestone of one million subscribers.

In November, Reuters reported that SpaceX planned to allow insiders to offer their shares for sale in the secondary market at a valuation of up to $150 billion. A month later, Bloomberg reported that the company had settled for a slightly lower valuation of $140 billion, or $77 per share.

According to the latest estimates of ForbesElon Musk’s net worth stands at $146.5 billionbe one down nearly 55% from a peak of $320 billion reached in November 2021. This decline is due to the poor performance of Tesla stock over the past year. In December, Elon Musk’s run as the world’s richest person came to an end, as he was overtaken by Bernard ArnaultCEO of luxury goods conglomerate LVMH.

Elon Musk has been embroiled in several controversies over the past year, most of which stemmed from the acquisition of Twitter in late October. In his effort to turn the social network into a haven of “free speech,” Elon Musk relied on unscientific polls to reinstate controversial accounts and make arbitrary changes to policies and rules. As CEO of Twitter, Elon Musk has embraced several right-wing views and conspiracy theories while targeting people he doesn’t like. Tesla investors have blamed Elon Musk’s Twitter controversies as one of the reasons for the electric car maker’s stock plunge. The billionaire’s behavior has also raised concerns about SpaceX. NASA Administrator Bill Nelson asked Gwynne Shotwell, the company’s Chief Operating Officer, about the impact of “the distraction Elon might be having on Twitter.” Last month, Elon Musk said he would step down as CEO of Twitter after finding a replacement.

Article translated from Forbes US – Author: SIladitya Ray

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