Elon Musk's SpaceX Raises Over $337 Million in Fresh Funding

Billionaire Elon Musk's SpaceX has raised $337.4 million (roughly Rs. 2,515 crore) in equity financing, the rocket company disclosed in a regulatory filing on Wednesday.

SpaceX, which counts Alphabet and Fidelity Investments among its investors, hit $100 billion (roughly Rs. 7,60,140 crore) in valuation following a secondary share sale in October, according to CNBC. It had raised about $1.16 billion (roughly Rs. 8646.23 croe) in equity financing in April.

SpaceX did not immediately respond to Reuters request for more details on the latest funding round.

The company competes with former Amazon.com Chief Executive Jeff Bezos's space venture Blue Origin and billionaire Richard Branson's Virgin Galactic in the burgeoning constellation of commercial rocket ventures. All three rocket companies have successfully launched civilians into space.

According to Morgan Stanley, the space economy could be worth $1 trillion (roughly Rs. 7,59,0750 crore) by 2040.

Musk, who also leads several futuristic companies including Tesla, Neuralink and Boring, said earlier this year that SpaceX will be landing its Starship rockets on Mars well before 2030. SpaceX has already launched numerous cargo payloads and astronauts to the International Space Station for the National Aeronautics and Space Administration (NASA).