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Elon Musk’s SpaceX Raises $850 Million in Fresh Funding: Report

Tesla CEO Elon Musk’s SpaceX reportedly accomplished an fairness funding spherical of $850 million (roughly Rs. 6,190 crore) that despatched its valuation to about $74 billion (roughly Rs. 5,39,000 crore) final week.

SpaceX raised the funds at $419.99 (roughly Rs. 30,600) a share and the newest funding spherical represents a soar of about 60 p.c in the corporate’s valuation from its earlier elevate, which valued it at $46 billion (roughly Rs. 3,35,000 crores), the report stated.

SpaceX didn’t instantly reply to a Reuters request for remark.

The firm had raised $1.9 billion (roughly Rs. 13,840 crores) in August in its largest single fundraising spherical, in line with PitchBook information.

A prototype of SpaceX’s Starship rocket, the SN9, exploded earlier this month throughout a touchdown try after a high-altitude check launch in a repeat of an accident that destroyed a earlier check rocket.

The Starship SN9 prototype was a check mannequin of the heavy-lift rocket being developed by the corporate to hold people and 100 tons of cargo on future missions to the moon and Mars.

Earlier in February, Musk’s electrical car firm Tesla revealed that it had purchased $1.5 billion (roughly Rs. 10,920 crores) of Bitcoin and would quickly settle for the cryptocurrency as a type of fee for its vehicles.

A well known supporter of cryptocurrencies, Musk has weighed in often on the latest frenzy in retail buying and selling, driving up costs of meme-based digital forex dogecoin and shares of US online game chain GameStop.

© Thomson Reuters 2021

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