Elon Musk’s SpaceX Reportedly Looking to Raise $1.7 Billion in Fresh Funding

[Pelican Press 0]

Elon Musk’s SpaceX Reportedly Looking to Raise $1.7 Billion in Fresh Funding

Aerospace firm SpaceX is looking to raise $1.7 billion (roughly Rs. 13,192 crore) in fresh funding, a massive initiative as its controversial founder Elon Musk continues to make news, television channel CNBC reported Sunday.

Citing a company-wide email the network said it obtained, CNBC reported the space travel pioneer would be paying $70 (roughly Rs. 5,430) a share — 25 percent above the $56 (roughly Rs. 4,345) a share the stock traded for in February after a stock split.

That would value the 20-year-old firm — the first private company to send astronauts into orbit, among many other firsts — at $127 billion (roughly Rs. 9,85,650 crore).

That valuation has climbed steadily in recent years as SpaceX raised billions to finance work on its next-generation Starship rocket and its Starlink global satellite internet network.

Meanwhile, independent online website Insider reported this week that SpaceX had paid $250,000 (roughly Rs. 2 crore) to resolve a complaint for alleged ******* misconduct by Musk against an attendant on a SpaceX corporate jet.

The 50-year-old Musk has rejected the charge, saying Thursday on

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that “for the record, those wild accusations are utterly untrue.”

Musk, who is also the CEO of carmaker Tesla, said he was making a $44 billion (roughly Rs. 3,41,501 crore) offer to buy

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.

But this week he said he first needed clarity on the prevalence of fake or spam accounts on the popular social media platform before moving forward with the purchase.

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