A SpaceX SN9 prototype Starship rocket. PA
A SpaceX SN9 prototype Starship rocket. PA
A SpaceX SN9 prototype Starship rocket. PA
A SpaceX SN9 prototype Starship rocket. PA

Business

SpaceX to raise $750 million at $137 billion valuation, report says

Andreessen Horowitz, the Silicon Valley venture capital firm, is expected to lead the funding round

Ian Oxborrow
Ian Oxborrow

January 03, 2023

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SpaceX, the rocket maker and satellite internet company founded by Elon Musk, plans to raise $750 million in a new round of funding that values it at $137 billion.

Andreessen Horowitz, the Silicon Valley venture capital firm, is expected to lead the funding round, CNBC reported, citing documents it obtained.

Last month, Bloomberg reported that SpaceX was offering to sell insider shares at a price that would raise the company's valuation to about $140 billion. It was offering the shares for $77 apiece, sources said.

The $140 billion figure compares with a $127 billion valuation in July, according to data provider PitchBook.

SpaceX, which counts Alphabet and Fidelity Investments among its investors, raised about $1.68 billion through equity financing in June.

The company has been sending astronauts to the International Space Station under the space agency’s Commercial Crew Programme.

The initiative has allowed government astronauts and private citizens to launch from US soil again, after depending on Russia’s Soyuz rocket for more than a decade.

Its next flight for Nasa — the Crew-6 mission — is scheduled for launch in spring.

It includes UAE astronaut Sultan Al Neyadi, who will serve as a mission specialist aboard the Dragon spacecraft.

A sign for Starbase, Elon Musk's private spaceport in Boca Chica, Texas. All photos: Willy Lowry / The National
A sign for Starbase, Elon Musk's private spaceport in Boca Chica, Texas. All photos: Willy Lowry / The National
Three SpaceX rockets stand ready at Starbase in Boca Chica.
Three SpaceX rockets stand ready at Starbase in Boca Chica.
A SpaceX employee works high above the ground on a rocket at the SpaceX launchpad.
A SpaceX employee works high above the ground on a rocket at the SpaceX launchpad.
A SpaceX rocket rises in the distance.
A SpaceX rocket rises in the distance.
A sign at Boca Chica Beach warns of sea turtle nesting.
A sign at Boca Chica Beach warns of sea turtle nesting.
Three Starship rockets stand next to a booster. The reusable rockets are at the centre of SpaceX's plans for the future.
Three Starship rockets stand next to a booster. The reusable rockets are at the centre of SpaceX's plans for the future.
A sign warns passers-by against entering the area around SpaceX's launchpad.
A sign warns passers-by against entering the area around SpaceX's launchpad.
A sign along Texas State Highway 4 warns drivers to watch out for local wildlife.
A sign along Texas State Highway 4 warns drivers to watch out for local wildlife.
A SpaceX security guard questions a driver at the entrance to the launch zone.
A SpaceX security guard questions a driver at the entrance to the launch zone.
Amanda Maul and her son, Connor, drove all the way from Dallas to see SpaceX.
Amanda Maul and her son, Connor, drove all the way from Dallas to see SpaceX.
SpaceX's Starbase facility sits near the Gulf of Mexico in a remote patch of southern Texas.
SpaceX's Starbase facility sits near the Gulf of Mexico in a remote patch of southern Texas.
Boca Chica Beach, looking south towards Mexico. It is one of the last free public beaches in southern Texas.
Boca Chica Beach, looking south towards Mexico. It is one of the last free public beaches in southern Texas.
Workers prepare to move a Starship rocket.
Workers prepare to move a Starship rocket.
SpaceX's Starbase rises in the distance.
SpaceX's Starbase rises in the distance.
A sign marks the lines where the Boca Chica National Wildlife Refuge begins along the Texas State Highway 4.
A sign marks the lines where the Boca Chica National Wildlife Refuge begins along the Texas State Highway 4.
Flowers grow on the dunes of Boca Chica Beach near a SpaceX tower.
Flowers grow on the dunes of Boca Chica Beach near a SpaceX tower.
A person walks in the Boca Chica Wildlife Refuge next to Starbase.
A person walks in the Boca Chica Wildlife Refuge next to Starbase.
A view of Starbase from Boca Chica.
A view of Starbase from Boca Chica.
Flowers grow on the dunes of Boca Chica Beach near a SpaceX tower.
Flowers grow on the dunes of Boca Chica Beach near a SpaceX tower.
A sheriff's car parks near SpaceX in Boca Chica.
A sheriff's car parks near SpaceX in Boca Chica.
A sign along a motorway reads: 'We love Elon'.
A sign along a motorway reads: 'We love Elon'.
An exterior sign for Starbase.
An exterior sign for Starbase.
Cars parked outside of Starbase in Boca Chica.
Cars parked outside of Starbase in Boca Chica.
Some SpaceX employees stay in Airstream trailers parked near the complex in Boca Chica.
Some SpaceX employees stay in Airstream trailers parked near the complex in Boca Chica.
A sign welcomes visitors to Boca Chica Village.
A sign welcomes visitors to Boca Chica Village.
A renovated home in Boca Chica.
A renovated home in Boca Chica.
A Tesla charges in the driveway of a home in Boca Chica.
A Tesla charges in the driveway of a home in Boca Chica.
A shuttered home in Boca Chica. Elon Musk, the world's richest person, lives in the tiny unincorporated village.
A shuttered home in Boca Chica. Elon Musk, the world's richest person, lives in the tiny unincorporated village.
One of two streets in Boca Chica Village, which leads straight to Starbase.
One of two streets in Boca Chica Village, which leads straight to Starbase.
A renovated home in Boca Chica Village. SpaceX has been slowly buying up property in the area for years.
A renovated home in Boca Chica Village. SpaceX has been slowly buying up property in the area for years.
A home in Boca Chica Village. The community used to be mainly made up of retirees, but it is now comprised almost entirely of SpaceX employees.
A home in Boca Chica Village. The community used to be mainly made up of retirees, but it is now comprised almost entirely of SpaceX employees.
A Tesla charges in the driveway of a house in Boca Chica.
A Tesla charges in the driveway of a house in Boca Chica.
A sign on a house in Boca Chica Village warns passers-by they are on private property.
A sign on a house in Boca Chica Village warns passers-by they are on private property.
A white Tesla sits in the driveway of a recently renovated home in Boca Chica Village.
A white Tesla sits in the driveway of a recently renovated home in Boca Chica Village.
A sign on a house in Boca Chica Village warns passers-by they are on private property.
A sign on a house in Boca Chica Village warns passers-by they are on private property.

SpaceX is working with other private US companies that work towards making space accessible to a wider international community.

It is also building a constellation of thousands of Starlink satellites to provide broadband internet cover to remote and rural locations on Earth.

A Starlink kit has “everything you need to get online in minutes”, the company says. Users who sign up for the service receive a kit that includes the Starlink terminal and base, a router, a power supply source and cables.

The residential Starlink package costs $110 a month, with a one-time hardware fee of $599.

SpaceX told US regulators last year that Starlink users had surpassed 400,000.

Starlink has been a key means of communication used by Ukraine’s military forces in its conflict with Russia in areas that don’t otherwise have cellular service.

In October, Mr Musk told the Pentagon that SpaceX could not fund the Starlink system in Ukraine indefinitely.

“The hell with it,” Mr Musk then tweeted. “Even though Starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding Ukraine govt for free.”

Mr Musk is the second-richest person in the world, according to the Bloomberg Billionaires Index, behind Bernard Arnault.

The index puts the Tesla chief executive's wealth at $137 billion, after having declined by 49 per cent over the past year.

Mr Musk owns 42.2 per cent of SpaceX through a trust, according to a December 2022 filing with the Federal Communications Commission.

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RESULTS

Women:

55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2

Men:

62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke

World Cup League Two

Results

Oman beat Nepal by 18 runs

Oman beat United States by six wickets

Nepal beat United States by 35 runs

Oman beat Nepal by eight wickets

 

Fixtures

Tuesday, Oman v United States

Wednesday, Nepal v United States

 

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

The Bio

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  • Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
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Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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Emirate: Sharjah – Khor Fakkan

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Updated: January 03, 2023, 6:39 AM`
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