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Saudi and Abu Dhabi Investors to Contribute to SpaceX New Funding

UTC by Ibukun Ogundare · 3 min read
Saudi and Abu Dhabi Investors to Contribute to SpaceX New Funding
Photo: SpaceX / Twitter

Following a signed agreement between SpaceX and NASA, the government agency is considering SpaceX as an emergency return option for the ISS crew. 

Elon Musk’s SpaceX is about to receive financial backing from Saudi Arabia and Abu Dhabi investors in a new funding round. This follows an equity funding round in May 2022, which generated about $1.7 billion and reached a $127 billion market worth. At the same time, the company was positioned to be the US most valued startup with more than $125 billion valuation. Fast forward to July 2023, the company secured an additional $250 million.

SpaceX is Planning Multibillion-dollar New Funding Round

According to people with knowledge of the matter, the backers include a subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi investment firm. These investors will contribute to the new multi-billion-dollar funding round by SpaceX. Organizers of the financing are the rocker company itself and the financial services company Morgan Stanley (NYSE: MS). Representatives from the organizing parties have informed investors of the investors’ names as Saudi Arabia’s Water and Electricity Holding Company Badeel and UAE’s Alpha Dhabi.

Following the new funding round, SpaceX is expected to reach a new market valuation of about $140 billion. The company held multiple financings in 2020, involving leading investors Andreessen Horowitz (a16z) and other VC firms. Coinspeaker revealed earlier in the year that SpaceX was running a new $750 million funding round. According to the report, the round was going to bring Elon Musk’s space transportation services company to a valuation of $137 billion. The company noted that the cash would help it on its new missions for the new year. It explained that some of the funds would go into developing the ambitious Starship program, which is focused on being the first manned mission to Mars.

SpaceX’s 2023 Goals

Hopefully, proceeds from the new funding will support SpaceX in executing its 2023 goals. The spaceship maker plans to launch up to 87 rockets this year. It added that it has partnered with and has partnered with the National Aeronautics and Space Administration (NASA) for a sustained moon exploration project. SpaceX is also working on expanding its Starlink internet services to more remote locations like Australia. Although the company has not performed manned missions, it works with NASA for a long-term lunar exploration mission. In addition to the launches, it also explores other aspects of the aerospace industry. Its Starlink was provided to Ukraine when Russia invaded it. The internet service went to Ukraine with immediate effect to ensure data backup.

Following a signed agreement between SpaceX and NASA, the government agency is considering SpaceX as an emergency return option for the ISS crew.

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