CNBC revealed that Billionaire Elon Musk's SpaceX is seeking to raise a huge round of new funding,worth $1.7 billion; Which will raise the valuation of the private company to about 127 billion dollars. 

Details of the new financing round for SpaceX 

According to a company-wide email, the private space company is looking to bring in up to $1.725 billion in new capital, at $70 per share.

The news network noted that SpaceX split its share price 10 for 1 in February 2022, reducing the common stock to $56 per share, with the new valuation representing a 25% increase.

SpaceX is also working on a secondary sale to company insiders and existing shareholders for $750 million in common stock. The company conducts these secondary offerings regularly, as a way for old shareholders to sell stock, due to the fact that SpaceX has been private for more than 20 years since its founding.

In a related development, the details of the cash injection have not been reported before, the New York Post reported for the first time that SpaceX was looking to bring in more funding, and indicated, citing unnamed sources, that the capital increase had seen “demand lukewarm” so far.

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The company's market value

The company's valuation has skyrocketed in the past few years, as SpaceX has raised billions to fund work on two capital-intensive projects, the "Next Generation Starship" and "Starlink".