Elon Musk's SpaceX Raises $1.68 Billion via Equity Financing

June 14, 2022 5:29 AM EDT

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SpaceX, founded by Tesla (NASDAQ: TSLA) CEO Elon Musk, has raised $1.68 billion via equity financing, the startup company said in a regulatory filing.

A couple of weeks ago, CNBC reported that SpaceX was looking to raise $1.725 billion in fresh funding at a price of $70 per share. This would imply a valuation of roughly $127 billion.

Raised funding is likely to be used to cover massive investments in the Starship rocket development and Starlink broadband internet satellite constellation.

Yesterday, the company received a green light from the Federal Aviation Administration (FAA) that its Texas development site had no significant environmental impact.

“The FAA determined that the Proposed Action would not result in significant environmental consequences and has issued a Mitigated Finding of No Significant Impact/Record of Decision (FONSI/ROD),” the regulator said in a press release.

SpaceX said that the ruling brings it “one step closer to the first orbital flight test of Starship.”

The company’s Starlink satellite unit has already launched around 2,600 satellites to space since 2019.

By Senad Karaahmetovic

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