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SpaceX closes $850m in fundingMENA

SpaceX closes $850m in funding

SpaceX just completed a successful funding round of $850m. This shoots the space transportation firm to astronomical heights (pun intended!), with a valuation of roughly $74b.

SpaceX is backed by Abu Dhabi’s International Holding Company (IHC), which bought a 94% stake in Falcon CI IV LP, a private equity fund that invested in Musk’s company.

The company is working on major projects, such as the next-generation reusable rocket Starship and a global broadband internet satellite network that will feature over 12,000 satellites.

why it matters
SpaceX’s last funding round, back in August last year, set its valuation at $46b - this represents a 60% increase in just a few months. So, it’s only fair to say that investors believe in Musk’s power of turning innovative visions into reality.