Transportation & Logistics

Elon Musk’s SpaceX Raises $1.5B, Bumps Valuation To $125B

Houston, it looks like SpaceX doesn’t have a problem. At least not with securing fresh funding.

The space transportation company founded by the prolific and controversial tech-billionaire Elon Musk has reportedly raised at least $1.5 billion in a fresh funding round, according to an article in The Wall Street Journal citing an unnamed investor.

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The Hawthorne, California-based company did not confirm the new round nor the new valuation of around $125 billion.

The funding comes on the heels of recent sexual misconduct claims made against Musk by an unidentified flight attendant. He and other company representatives have denied the claims.

The space business

Space exploration isn’t cheap. The company’s pricey initiatives include Starship, a rocket system designed for deep-space missions, and its Starlink satellite-internet service. Last week, company reps told the Federal Communications Commission that the Starlink satellite internet service now has over 400,000 subscribers around the world. This accounts for steady growth since it was introduced in October 2020.

On the spaceship front, Musk said in February that his rocket would be able to reach space for a lower price, i.e. $10 million, in less than two to three years.

As has been heavily reported, Musk is also embroiled in a battle to acquire (or get out of acquiring) social media platform Twitter.

SpaceX funding history

Prior to this most recently reported round, SpaceX has raised a total of $7.8 billion in funding over 64 rounds, according to Crunchbase data.

SpaceX raised $1.9 billion in funding in April. The latest capital infusion followed a string of successes at the company. Earlier that month the company’s Dragon 2 reusable spacecraft returned two astronauts to Earth following the end of a two-month trip to the International Space Station. It marked the completion of the first-ever human spaceflight mission by a private company launched from the U.S., as well as the first trip for American astronauts to the ISS since 2011.

Although recent investors were not disclosed, previous investors include NASA, Stack Capital, Bracket Capital and the United States Space Force, among others.

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Illustration: Dom Guzman

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