SpaceX increases new funding round to $2bn

Elon Musk’s SpaceX company has increased the size of its latest funding round to $2bn due to strong demand.

Fidelity Investments, which was already an existing investor, was one of the biggest participants in this round, an anonymous source told Bloomberg..

The company had initially planned to raise about $1bn at a price of $270 a share which would’ve valued SpaceX at $44bn.

After the increase in size in what will be the company’s largest funding round to date, SpaceX was projected to reach an equity value of $46bn with that extra $2bn in capital.

The round comes on the back of its recent and highest-profile mission. SpaceX’s Dragon capsule returned to earth safely earlier in August, marking the first mission by US astronauts to the International Space Station onboard a US-made spacecraft since the Columbia shuttle program ended in 2011.

America's National Aeronautics and Space Administration, a key partner and customer of the company, said on Friday that it was targeting October for its first operational mission with Elon Musk’s firm.