Elon Musk's SpaceX launches to $25bn valuation
SpaceX is close to raising half a billion dollars of new funding that would value Elon Musk's rocket company at $25bn (£17.5bn), making it the world's third most valuable venture-backed start-up after Uber and Airbnb.
SpaceX is raising $507m in funding at a higher price than its last funding round, boosting its valuation from $21bn to the new high, according US regulatory filings from analytics company Lagniappe Labs.
In February, SpaceX successfully launched its Falcon Heavy rocket, designed for carrying satellites while using cheaper, re-usable rocket boosters that can return to earth.
Thelaunch of its Falcon Heavy rocket was seen as heralding the start of a new space race as commercial companies vie for a piece of the booming satellite market. Founder Elon Musk has spoken repeatedly of his desire to die on Mars, although in the near-term commercial opportunities have been attracting investors. The company is hoping to launch a mission to Mars by 2022.
Founded in 2002, for years SpaceX met with challenges to its rocket technology, including crashes and burn-ups on landing. It has since become the world's leading commercial space start-up, growing to more than 7,000 employees and set to perform 30 launches in 2018.
SpaceX attractiveness to venture investors can be seen in a $450m funding round last autumn. TechCrunch reported last month that Fidelity was set to lead the latest $500m round.
The additional funding would add around $1.4bn to Musk's personal fortune through his stake in SpaceX, giving him a total net worth of $21.3bn, according to Bloomberg's Billionaires Index.
SpaceX is the best funded space start-up, although it faces competition from the likes of aerospace giant Boeing, Sir Richard Branson's Virgin Galactic and Amazon chief Jeff Bezos' Blue Origin. Virgin Galactic last year gained backing of $1bn from Saudi Arabia, although Branson's space venture is more focused on space tourism than satellite launches.
