SpaceX raising $500 million, new valuation at $30.5 billion: Report

Patrick Fallon | Bloomberg | Getty Images

Gwynne Shotwell president and chief operating officer of SpaceX, left, speaks as NASA astronaut Bob Behnken looks on.

SpaceX is raising a $500 million round of fundraising, according to the Wall Street Journal on Tuesday.

The new funding puts SpaceX’s valuation at $30.5 billion, according to the report, which cites people familiar with the fundraising. The report says the capital comes from existing shareholders as well as new investor Baillie Gifford, a Scottish investment firm.

Founded by Elon Musk, SpaceX is reportedly planning to use the new cash to build its massive satellite internet project, called Starlink.

SpaceX did not immediately respond to a CNBC request for comment. Baillie Gifford declined to comment.

Read the full WSJ story here.

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