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Tesla Inc (NASDAQ: TSLA) CEO Elon Musk-owned SpaceX is looking to raise $1.725 billion in new capital that could lift the private space firm's valuation to $127 billion, CNBC reported on Sunday, citing a company-wide email.
What Happened: SpaceX is looking to raise fresh funds at $70 per share, a 25% jump in valuation after SpaceX split its stock price 10-for-1 in February, bringing the common stock valuation to $56 a share.
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Austin, Texas-based SpaceX is also conducting a secondary sale to company insiders and existing shareholders for up to $750 million in common stock. Secondary share sales provide liquidity to existing investors.
SpaceX did not immediately respond to Benzinga's request for comment.
See Also: How To Participate In SpaceX's Next Raise That May Value The Company At $125B
Why It Matters: The funding follows two key developments for the billionaire entrepreneur: a $44 billion take-private bid for Twitter Inc (NYSE: TWTR) and a sexual harassment allegation from a former SpaceX flight attendant. SpaceX paid $250,000, as part of a severance agreement, to the attendant in 2018, according to the Business Insider.
Musk has denied the reports as “wild accusations.”
The world’s richest person is betting on making life multi-planetary and is building reusable rockets with ride-sharing capabilities to transport human and commercial cargo to Mars.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.