Success! You're on the list.

Success! You're on the list.

Elon Musk’s SpaceX to raise $750M at $137B valuation


As per the latest reports making waves in the tech world, it has been learnt that Elon Musk’s re-usable rocket maker and satellite internet company SpaceX is about to raise $750 million in a new round of funding that values the company at $137 billion.

A16z (also known as Andreessen Horowitz) is expected to lead the new funding round for SpaceX, according to an e-mail sent to prospective investors. A number of early investors in SpaceX included Founders Fund, Sequoia, Gigafund, among others.

Recently, Andreessen Horowitz also backed Apex Space in a $7.5M funding to develop small satellite bus. Further, in October 2022, A16z also participated in Elon Musk’s $44 billion leveraged buyout of Twitter.

While SpaceX achieved several milestones last year, its Starship program, part of NASA’s effort to return astronauts to the moon, faced delays.

The company’s satellite internet service, Starlink, surpassed 1 million subscribers and provided a lifeline to Ukrainians whose infrastructure was disrupted by Russia’s invasion. With more than 3,000 satellites, Starlink provides broadband connectivity to users, especially in rural areas without fixed lines. A goal of 42,000 satellites is expected by mid-2027.

Further, SpaceX managed to launch 60 reusable rockets in a single year through its Falcon program. At the company’s Starbase facility in Boca Chica, Texas, Starship and Super Heavy launch vehicles are currently being developed. A launch test of these larger vehicles in orbit is the next step in the program, but it is unclear when this will take place.

SpaceX competitors include Blue Origin, the space venture of Jeff Bezos founded, and Virgin Galactic, the space venture of billionaire Richard Branson.

Picture Credit: Depositphotos

Related Posts

Get daily funding news briefings in the tech world delivered right to your inbox.

Enter Your Email
join our newsletter. thank you