SpaceX seeks to raise $507m in latest funding round at $26b valuation

SpaceX
Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX), speaks at the unveiling of the Manned Dragon V2 Space Taxi in Hawthorne, California, U.S., on Thursday, May 29, 2014. Photographer: Patrick T. Fallon/Bloomberg

Elon Musk-led SpaceX Corp is raising $507 million in a new round of funding, valuing the company at around $26 billion, according to a filing seen by Reuters.

New articles of incorporation filed by the company last week and sent to Reuters by private analytics firm Lagniappe Labs showed the addition of 3 million ‘Series I’ shares from a previous version filed in November.

The filing also gave the initial value of the Series I shares as $169, or 25 percent higher than a value given in its previous fundraising round late last year.

SpaceX declined to comment on the new funding round, which was first reported by tech industry website The Information.

The Hawthorne, California-based company has outlined plans for a trip to Mars in 2022, to be followed by a manned mission to the red planet by 2024.

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Reuters