Planning a Mars mission, a global telecommunications network for inexpensive internet service and creating an interplanetary hedge against World War Three isn’t cheap, so it’s no wonder that SpaceX is closing on $500 million in new cash through a financing round led by Fidelity, according to multiple sources with knowledge of the round.HT: Inverse
Responding to clamoring demand from investors and their own desires to cash out (at least a little bit), existing shareholders in the company are creating several special purpose vehicles to sell shares on the secondary market — with our sources saying those secondary offerings could total an additional $500 million.
Shares for the company are selling for somewhere between $160 and $170, according to our sources.
One big buyer of SpaceX shares is reportedly SpaceX chief executive and founder Elon Musk, who multiple sources have said is investing $100 million to buy up shares.
News of the initial fundraising effort was first reported by CNBC, which pegged the valuation of Musk’s space exploration venture at roughly $21.5 billion.
That’s a huge jump from 15 years ago, when the company’s shares were issued at around 5 cents and Elon Musk said it was struggling to get cash in the door, basically living week-to-week....MORE
Previously on Family Affair:
Tesla-Solar City: Cousins Shouldn't Get Married (to each other) TSLA; SCTY--UPDATED
Elon Musk's SpaceX Has Been Buying Up Elon Musk's SolarCity's Bonds (SCTY)
One of the things they teach you in Junior Forensic Analyst school: watch for related party transactions.
One of the things they don't teach you, extrapolating this discovery to the logical question: "How important is cost-of-funds to SolarCity's very survival?"