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[Funding alert] Elon Musk’s SpaceX looking to raise $250M; valuation projected at $36B

Suman Singh ( )

Elon Musk’s SpaceX is looking to raise about $250 million, taking the valuation of the American aerospace manufacturing and space exploration company to about $36 billion, the company said on Friday, as reported by CNBC.

The company is looking to raise the amount for $220 per share and the latest funding round is not expected to close until the second week of March, sources close to the company said.


The news comes months ahead of SpaceX’s first manned mission to space under NASA's Commercial Crew Programme.

Musk-owned SpaceX has been launching Starlink satellites in batches of 60 since May, and at present, has roughly 300 satellites orbiting Earth to make the broadband internet service operational in the US and Canada by the end of 2020.

The revenue generated from the satellites in operation will help fund the development of its next-generation rocket dubbed Starship, which is designed to lift defence payloads to space and eventually, send humans to the moon, Elon Musk, CEO of SpaceX said earlier.

Founded in 2002 to reduce space transportation costs to enable the colonisation of Mars, CEO and Chief Engineer of SpaceX Elon Musk last year said,

"To become a space-based civilisation is to make space travel like air travel. When you fly a plane, you fly it many times as it is reusable; the same thing is required for space travel."

According to him, SpaceX is planning to spin off Starlink as a publicly-traded company in the long-term. Besides, the company is developing its Crew Dragon space taxi alongside rival Boeing Co's Starliner capsule.