Elon Musk’s SpaceX is going to raise an impressive sum of $250 million. It will help to add around $3 billion to the company’s valuation and bring it to the level of $36 billion.
By Christopher Hamman
Updated
3 mins read
SpaceX is seeking to raise $250 million. The new funds sought reportedly will be valued at $220 per share. Sources indicate that this new valuation after raising funds would be at $36 billion. This will be an increase from $33.3 billion. The funding round is expected to close in the second week of the next month. Current shareholders are expected to receive a matching offer. It is also said that Elon Musk‘s SpaceX is planning to allocate the funds for its principal projects.
The projects (Crew Dragon, Starlink and Starship) have been drawing funds from last year. The space startup raised about $1.33 billion last year. Fundraising rounds have reportedly been oversubscribed. This has made the stock of the company to become quite valuable. As a privately held company, SpaceX is viewed to be a unicorn startup with enormous potential. This has been seen by many angel investors as a once-in-a-lifetime opportunity.
Crew Dragon is the startup’s Nasa program. Also, it is aimed at promoting space tourism to private clients. The Crew Dragon capsule’s development has attracted north of $3.1 billion since 2014. The first capsule to undergoing final testing arrived in Florida last week. Nasa has confirmed that Crew Dragon will take its astronauts following the last shuttle program in 2011. Reportedly, the demo mission (Demo-2) is expected to take off in April and the latest June this year.
Starlink is the startup’s internet program. It consists of launches of as many as 60 satellites per launch into space. Starlink is expected to be made up of about 12,000 satellites. It is expected to connect just about anybody anywhere to the internet on earth. So far, about 300 of them have gone up there. Space X is also considering selling off the Starlink program as a separate business. This is expected to happen in a few years.
SpaceX’s Starship rocket program is as futuristic as the previous two. The basic concept behind the program is to create a reusable commercial space rocket. Initial destinations for the rocket include the moon and mars. It is also expected that the rocket will have a capacity of about 100 people. There already exists a Starship facility in Texas. Another facility exists in Florida as well. Space X is also reportedly said to be signing a lease with the Los Angeles port Authority. This facility will have a launch capability too. It will also be close to the startup’s Hawthorne headquarters in California. And yes, SpaceX is an ambitious project in itself.
Elon Musk hasn’t failed to impress both his admirers and critics with the Space X program. One thing is certain though: The “Midas Touch” that Elon Musk seems to have in regards to his ideas isn’t gone yet. It expectedly won’t be gone soon either.
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Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
