SpaceX is seeking to bring in about $250 million in new investment during a funding round that’s still underway, amid a burst of activity related to the company’s Starlink satellite constellation and Starship super-rocket, CNBC reports.
- CNBC quotes unnamed people familiar with the investment round as saying it’s expected to close by mid-March, resulting in a roughly $36 million valuation for the company. Privately held SpaceX raised more than $1.2 billion last year, according to filings with the Securities and Exchange Commission.
- Much of that money is going toward development, launch and testing of Starlink broadband internet satellites, which are being built at SpaceX’s facilities in Redmond, Wash. SpaceX teams are also working around the clock to build a huge Starship prototype in Texas, and there’s renewed talk of creating a Starship base in the Los Angeles area.
- Reports of a fresh funding round underscore how expensive innovation can get, especially on SpaceX CEO Elon Musk’s timetable. For what it’s worth, rival billionaire Jeff Bezos has said he’s spending more than $1 billion a year on Blue Origin, his privately held space venture.
Hat tip to CNBC’s Michael Sheetz.