Elon Musk – SpaceX valuation rockets to $74 billion with new round of funding (by Annlee Ellingson)

Space Exploration Technologies Corp. has raised another astronomical sum, rocketing the busy aerospace company’s valuation to new heights.

The Hawthorne, California-based company — which frequently launches from Florida’s Space Coast — closed $850 million in equity funding last month, reported CNBC, citing anonymous sources “familiar with the financing.”

Shares were sold at $419.99, per the report — a penny shy of the notorious $420 figure that got SpaceX chief Elon Musk into so much trouble over at Tesla a few years back. (Musk had tweeted that he had “funding secured” to take his electric vehicle company private at $420 per share — a number associated with cannabis culture — raising the ire of the Securities and Exchange Commission.)

The round brings SpaceX’s valuation to about $74 billion.

SpaceX last raised $1.9 billion in August, bringing its total funding to $5.4 billion and its valuation to $46 billion. This latest round boosted the valuation of Elon Musk’s rocket company by more than 60%.