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Musk denies report on SpaceX funds from Saudi and UAE investors



Billionaire and founder of SpaceX Elon Musk took to Twitter earlier today to respond to a media report published earlier this week that said Saudi Arabia’s investment fund and an Abu Dhabi investment firm are planning to be part of a multibillion-dollar funding round for SpaceX.

TheInformation published The report last Wednesday, said that the information they received was shared via “people familiar with the matter”. The report cited people involved and said that representatives of SpaceX and Morgan Stanley, who is organizing the funding effort, told investors that Badeel—Saudi Arabia’s Water and Electricity Holding Company, which is part of the country’s Public Investment Fund—along with the United Arab Emirates’ Alpha Dhabi are both involved in the round, the two people said.

The funding round is expected to value the rocket maker at about $140 billion, the report added. CEO of the social network Twitter Elon Musk took to his account on the platform to responded with two simple words “not true” and shutdown the report claims.

According to venture capital firm Space Capital, despite the market downturn, SpaceX continues to be an outlier, raising $2 billion of capital in 2022 and surpassing the company's previous annual fundraising record of 2.6 billion in 2020. With investment up 159% quarter over quarter, said Chad Anderson, Space Capital Founder and Managing Partner in the quarterly webinar “ Space IQ”.

Justus Kilian, Space Capital partner explained in the Space Investment Quarterly published on February 8, 2023 that SpaceX has produced the most new founders, more than three times that of Blue Origin or Planet. Part of this is attributed to SpaceX size, which it's grown over 10,000 employees. He continued to say that Space X has gone through several major phases of growth that includes a natural transition point.

Killian continued that the versatility and different markets targeted by Musk companies are helping with the growth. He mentioned SpaceX and its satellites, manufacturing, and Internet business StarLink. He added that Musk has said that the company's launch business is likely around 3 billion a year, but StarLink is expected to tap a market that would be 10 to 15 times larger.



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