SpaceX CNBC Reported On Friday That Elon Musk’s Space X is looking to raise about $250 million, And now the valuation of the private company is up to 36$ billion.
According to the report, The aim of the Space X company is to raise the amount at a price of $220 per share and the latest funding is not expected to close until the second week of March.
SpaceX has been launching Starlink satellites in batches of 60 since May and currently has roughly 300 orbiting Earth in a sprint to make the broadband internet service operational in the United States and Canada by the end of 2020.
Elon Musk The CEO of Space X is planning to use the Starlink revenue to help fund development of its next-generation rocket dubbed starship, Which is designed to lift defense payloads to space and eventually send humans to the Moon.
a company official told Reuters earlier this month, the company has long-term plans to spin Starlink off as a publicly-traded company in the next several years.
The funding round reported by CNBC would come months ahead of SpaceX’s first manned mission to space under NASA’s Commercial Crew Program.
The company’s Crew Dragon space taxi is being developed alongside rival Boeing Co’s Starliner capsule, both of which have suffered cost overruns and schedule delays in the space program.