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SpaceX Inc is pursuing a fundraising exercise that would value the company at around $127 billion, CNBC reported.
Citing a company email, CNBC said the space venture is looking to add $1.725 billion in new capital, at $70 per share. The move comes after SpaceX split its stock price 10-for-1 in February this year, taking its stock price to $56.
Founded by billionaire Elon Musk in 2001, SpaceX remains privately held and the new fund raiser is aimed at company insiders and existing shareholders for up to $750 million in common stock, CNBC said.
READ: Musk raises US$46.5bn for Twitter bid
“Details of the cash infusion were not previously reported. The New York Post first reported SpaceX was looking to bring in more funding, and noted, citing unnamed sources, that the capital increase has seen ‘tepid demand’ so far,” CNBC added.
SpaceX’s headline projects, the Starship rocket and Starlink global satellite internet network, are both capital intensive.
Its CEO Elon Musk, also the world’s richest person and CEO of Tesla, is never far from the headlines. Recently, sexual harassment allegations have surfaced against Musk after an ex-SpaceX flight attendant was reported to have reached a severance agreement in 2018. Musk denies the allegations.
Contact the author at jon.hopkins@proactiveinvestors.com
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