Saudi and Abu Dhabi investors provide new funding for SpaceX

Elon Musk’s SpaceX It is about to secure financial support from investors from Saudi Arabia and Abu Dhabi in a new round of funding.This follows the equity Funding round in May 2022, generating about $1.7 billion and a market capitalization of $127 billion. At the same time, the company is positioned as the most valuable startup in the United States, with a valuation of more than $125 billion. Fast forward to July 2023, and the company has landed another $250 million.

SpaceX is planning a multibillion-dollar new funding round

according to Informed sources, backers include subsidiaries of the Saudi Arabian Investment Fund and the Abu Dhabi Investment Company. These investors will contribute to SpaceX’s new multibillion-dollar financing round.The organizers of the financing are the rock company itself and the financial services company Morgan Stanley (NYSE: MS). Representatives of the organizers have informed the investors of their names, namely Badeel, a hydropower holding company in Saudi Arabia, and Alpha Dhabi, a UAE.

After the new funding round, SpaceX is expected to have a new market cap of about $140 billion. The company raised multiple funding rounds in 2020, with lead investors including Andreessen Horowitz (a16z) and other venture capital firms. Coinspeaker revealed earlier this year that SpaceX is raising a new $750 million round.According to reports, the round will bring Elon MuskThe value of the space transportation service company of the United States reached 137 billion US dollars. The company noted that the cash will help it complete new tasks for the new year. It explained that part of the funding will be used to develop the ambitious Starship program, which is focused on being the first crewed mission to Mars.

SpaceX’s 2023 goals

It is hoped that proceeds from the new funding will support SpaceX in reaching its 2023 goals. The spacecraft maker plans to launch as many as 87 rockets this year. It added that it was already working with NASA on an ongoing lunar exploration project. SpaceX is also working on expanding its Starlink internet service to more remote regions like Australia. While the company does not fly crewed missions, it has partnered with NASA on long-duration missions to the moon. It explores other aspects of the aerospace industry beyond launches. Its Starlink was given to Ukraine when Russia invaded it. Internet service immediately traveled to Ukraine to ensure data backup.

The government agency is considering SpaceX as an emergency return option for the crew of the International Space Station under an agreement SpaceX signed with NASA.

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