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SpaceX is plotting a funding round which would boost its value to $24bn

Elon Musk's SpaceX is plotting a new round of funding which could see its value skyrocket to almost $24bn (£16.9bn).

The company hopes to raise $507m in a move that would make it the third highest-valued private company in the US.

Filings obtained by private analytics firm Lagniappe Labs showed that the company had authorised the addition of 3m Series I shares.

Each of these shares will have a value of $169, higher than the price given during last year's fundraiser. This would total up to give the company an estimated worth of $23.7bn, up from a previous valuation of $21bn.

SpaceX declined to comment on the new funding round, which was first reported by tech industry website The Information.

It follows the launch of SpaceX's Falcon Heavy rocket in February.

It marked the culmination of more than six years of work on the rocket, and took the company one step closer to the goal of offering space tourism.

But the company is not the only one with its sights set on the stars. US company Orion Span has announced plans to open a luxury space hotel in 2021, with prices starting at $9.5m for a 12-day stay.

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