SpaceX is seeking to raise about $250 million in the latest funding according to a recent article from CNBC’s Michael Sheetz.

The extra cash would make SpaceX’s total cost to about $36 billion, according to CNBC’s references — an increment of more than $2.5 billion versus its lately published valuation.

The Story of SpaceX

The rocket launch firm established and managed by Elon Musk is no newcomer to allocating huge sums of money — it totalled $1.33 billion throughout 2019 (from three different rounds).

Overall, the company has put more than $3 billion in financing to date — but the range of its goals gives a precise description of why the company has solicited so much capital.

SpaceX is further producing a notable amount of income: Its agreement to improve the Crew Dragon spacecraft as part of the NASA business crew program began with $3.1 billion in lease award money from the agency, for instance, and it charges its consumers about $60 million per launch of one of its Falcon 9 rockets.

Last year only, SpaceX had 13 launches.

Although SpaceX is additionally not a company to relax on its laurels or its pre-existing technology ventures.

The firm is in the process of producing its following spacecraft, named “Starship.”

Starship will probably be able to substitute both Falcon 9 and Falcon Heavy finally and will be completely reusable, instead of somewhat reusable like those systems.

Once it is functional, it will be capable of giving vital cost savings and benefits to SpaceX’s baseline, if the company’s predictions are correct.

SpaceX: rocket launch firm | iTMunch

What’s In Store for SpaceX?

Musk lately went into detail regarding the company’s plans to create new versions of Starship as quick as it’s able, including notable modifications and updates to every new progressive version as it goes.

Given the range of Starship and the comparatively costly process of creating each as an inherently bespoke new model, it makes complete sense why SpaceX would attempt to support its current capital with extra funds.

CNBC announces that the financing could conclude sometime in the middle of the following month.

SEE ALSO: In-depth information running wearable NURVV secures $9M Series A managed by Hiro Capital

For more details and the latest tech news, keep reading iTMunch.