UAE, Saudi reportedly to participate in multi billion funding round for SpaceX

Funding round expected to value rocket maker at $140 bn
UAE, Saudi reportedly to participate in multi billion funding round for SpaceX

A unit of Saudi Arabia’s investment fund and an Abu Dhabi-based company are both planning to invest in a multi-billion dollar funding round for Elon Musk-led SpaceX, The Information reported, citing people familiar with the discussions.

The funding round is expected to value the rocket maker at about $140 billion, the report added.

In January, Investopedia reported SpaceX was expected to raise $750 million in a new round of funding, valuing the rocket and satellite internet company at $137 billion.

SpaceX raised $2.2 billion last year, making it the most valuable private company in the US.

SpaceX recently launched its 200th rocket, reaching 1 million subscribers for its Starlink satellite internet service.

Read more: Arabsat to send up 7A satellite with SpaceX’s Falcon 9

SpaceX has reported mixed success in recent months. The company reached a milestone of 60 reusable rocket launches in 2022 through its Falcon program in January.

SpaceX has raised a total of $9.9 billion in funding over 31 rounds. Their latest funding was raised on July 15, 2022, from a private equity round.

The company also raised $2.6 billion in 2020, according to venture capital firm Space Capital.

SpaceX is funded by 80 investors. Alpha Dhabi and International Holding Company (IHC) are the most recent investors.

Moreover, the firm has a post-money valuation in the range of $10 billion as of August 25, 2021.

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