Elon Musk-led SpaceX has raised $850 million in the latest funding round led by Sequoia Capital. This funding round makes the valuation of SpaceX $74 billion. The current funding round saw a jump of 60% in SpaceX valuation.
Details About the Funding Raise by SpaceX
In the latest funding round, Valor Equity Partners, Coatue Management, D1 Capital Partners also participated. As per the CNBC report, Sequoia contributed maximum with a share price of $420. The company also led the last funding round that happened in the summer. SpaceX was valued at $46 billion in the last funding round.
At the beginning of 2020, Venture Capital Firm investment made the SpaceX value $36 billion. As per the insider report, Sequoia has invested more than $600 million in SpaceX. The company has become one of the largest investors in SpaceX.
When contacted, SpaceX did not respond to any queries related to the current funding round. Sequoia also did not show any interest in revealing the details of the investment.
Experts are surprised with Sequoia’s big investment at this stage. Sequoia and SpaceX have a long relationship for the last two decades. Sequoia partner Roelof Botha was also a chief financial officer in Elon Musk founded PayPal.
Sequoia is very enthusiastic about SpaceX new project Starlink. Under this project, SpaceX is planning to start a high-speed internet service that will be space-based.
SpaceX Future Plans and Starlink Project
The company has already started Starlink in the US, UK, and Canada. Currently, around 10000 people are enjoying the Starlink services. Sequoia believes that the project will grow exponentially in the future. The company expects a good return on its investment.
SpaceX has the main objective of creating a life for humans on Mars. The company is currently working on a project to develop a colony for human beings on Mars. This project has attracted so many investors. Till now, the company had raised a total of $6 billion for the Mars project. It does not include the latest round funding raise.
SpaceX is California based company. Mars project is very close to Elon Musk. He is on a mission to start human life over space.
SpaceX private valuation and Tesla’s exponential growth has made Elon one of the richest man in the world. His wealth surge is the fastest in history ever. Experts used to laugh at his ideas at the beginning of 2020. Now, he gets a lot of appreciation for his out-of-the-box ideas.