Elon Musk’s SpaceX to raise $1.7 billion in new funding, boosting valuation to $127 billion

SpaceX is looking to bring in up to $1.725 billion in new capital, at a price of $70 per share, according to a company-wide email on Friday obtained by CNBC.

Notably, SpaceX split its stock price 10-for-1 in February, which reduced the common stock to $56 a share – with the new valuation representing a 25% increase. 

It is also conducting a secondary sale to company insiders and existing shareholders for up to $750 million in common stock.

The company conducts these secondary offerings regularly, as a way for long-time stockholders to sell equity, given that SpaceX has remained private for more than 20 years since its founding.

The company’s valuation has soared in the last few years as SpaceX has raised billions to fund its next-generation rocket Starship and its global satellite internet network Starlink.

The company’s funding round comes as founder and CEO Elon Musk is embroiled in sexual harassment allegations reportedly from a former SpaceX jet flight attendant.

This report’s information was first seen on CNBC; to read more, click this link.