Saudi, UAE investors are reportedly planning to invest in SpaceX
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SpaceX may receive investment from a unit of Saudi Arabia's investment fund as well as an Abu Dhabi-based company.
Both aim to invest in a multi-billion dollar funding round for the private space firm led by Elon Musk, as per a report by The Information.
New funding imminent for SpaceX
The new funding round could see SpaceX's value skyrocket to about $140 billion, according to the report, which cites people familiar with the discussions. According to venture capital firm Space Capital, SpaceX raised $2 billion in 2022 and $2.6 billion in 2020.
SpaceX, alongside Morgan Stanley representatives, has reportedly informed investors that Saudi Arabia's Water and Electricity Holding Company, Badeel, and United Arab Emirates' Alpha Dhabi are involved in the funding round. Badeel is part of the country's sovereign wealth fund.
SpaceX has yet to comment on the report. It will be interesting to see how this story develops in the wider context of SpaceX's ties to the U.S. government. What would happen, for example, if Badeel, part of Saudi Arabia's sovereign wealth fund, came close to having a controlling interest in SpaceX, which currently has several U.S. Space Force missions in its launch pipeline?
However, it's hard to imagine a situation where SpaceX CEO Elon Musk relinquishes control of his space company, despite the fact much of his attention has been heavily on Twitter in recent months. According to a Wall Street Journal report from last year, Elon Musk owns roughly 4o percent of SpaceX in equity shares, though he also owns about 80 percent in voting shares.
SpaceX readies for Starship orbital test flight
SpaceX is close to performing the first orbital test flight of its Mars rocket, Starship.
Though its plans to eventually reach Mars with its fully reusable Starship spacecraft will likely require a lot of trial and error — Musk recently stated Starship has a 50 percent chance of reaching orbit on its first try — the massive rocket will also help it launch Starlink 2.0 satellites to orbit, helping it boost its profits.
Musk recently stated that Starship is likely to launch in April, though the launch date is partly dependent on Federal Aviation Authority (FAA) clearance.
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