Billionaire Elon Musk’s SpaceX completed an equity funding round of $850 million, increasing the company’s valuation 60 per cent to nearly $74 billion, according to a media report.
The company had a $46bn valuation at its last round that raised $1.9bn in August 2020.
SpaceX raised the new funds at $419.99 a share last week, CNBC reported, citing people familiar with the matter.
“SpaceX raised only a portion of the funding available in the marketplace … the company received insane demand of about $6bn in offers over the course of just three days,” the broadcaster said.
The latest injection of new funds coincides with SpaceX simultaneously working on two futuristic projects – Starship rocket mission and Starlink initiative – to build an economical internet ecosystem using clusters of satellites.
Earlier this month, SpaceX expanded the scope of the public beta test of its Starlink project, by started taking pre-orders from potential customers in the US, Canada and the UK.
Membership in the Starlink project comes at a monthly cost of $99. There is an additional upfront cost of $499 that covers Starlink equipment such as a Wi-Fi router and a user terminal to connect to satellites, in addition to shipping charges.
The US Federal Communications Commission has sanctioned SpaceX to launch 11,943 satellites.
With more than 1,000 satellites already deployed, SpaceX aims to have 4,425 Starlink satellites over the next four years.
In 2019, Mr Musk told reporters Starlink could generate $30bn of revenue annually.
SpaceX’s Starship is a transport system designed to carry both crew and cargo to Earth orbit, the Moon, Mars and beyond.
The company is building and testing prototypes in Texas.
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'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
More from Neighbourhood Watch:
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
