Elon Musk's SpaceX Raises $250M Through Fresh Equity Offering As Its Valuation Soars

Elon Musk’s SpaceX raised additional financing through the issue of equity in late July, according to a new filing by the company on Friday.

SpaceX raked in proceeds of $250 million by selling equity, with the date of the first sale mentioned as July 20. The funding came from five investors. With this, the company has raised about $2 billion in 2022, CNBC said.

In May, the company raised $1.725 billion, giving it a valuation of $127 billion. Since the Musk-led company operates in a capital-intensive industry, the funding needs are huge.

SpaceX is currently developing and testing a fully-reusable, super-heavy-lift launch vehicle called Starship at its Boca Chica, South Texas facility. The Starship is meant to transport crew and cargo to the Earth’s orbit, and the Moon and Mars. Recently, Musk updated the timing of the orbital launch of Starship, suggesting it can take anywhere between one and 12 months.

The company also owns the Starlink high-speed, satellite internet service.

Early Saturday, the Tesla, Inc. TSLA CEO tweeted that he is at the launchpad and updated that the rocket is being moved to the launchpad.

SpaceX’ Falcon 9 rocket late Friday carried South Korea’s lunar spacecraft “Danuri” to space from the Cape Canaveral Space Force Station in Florida.

Photo courtesy Steve Jurvetson on Flickr

Image and article originally from www.benzinga.com. Read the original article here.