SpaceX is aiming to raise $1.7 billion in new investment, a significant undertaking as its controversial founder Elon Musk continues to create headlines, according to CNBC on Sunday.

CNBC stated the space travel pioneer would pay $70 per share, citing a company-wide email acquired by the network. This is a 25% increase over the $56 per share the shares sold for in February after a stock split.

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That would value the 20-year-old corporation at $127 billion, making it the first private enterprise to take astronauts into space, among many other firsts.

This valuation has progressively risen in recent years as SpaceX has raised billions of dollars to fund construction on its next-generation Starship rocket and Starlink global satellite internet network.

Meanwhile, the independent online publication Insider revealed this week that SpaceX had paid $250,000 to settle a complaint regarding Musk’s alleged sexual misconduct against a SpaceX corporate plane attendant.

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Musk, 50, has denied the charge, writing on Twitter on Thursday, “for the record, those wild accusations are utterly untrue.”

Musk, who also serves as the CEO of Tesla, announced a $44 billion bid for Twitter.

However, he stated last week that he required more information about the frequency of false or spam accounts on the popular social media platform before proceeding with the closing of the deal.

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Musk stated late Friday in a Twitter thread that the firm is forming a team to deal with sexual misconduct charges levelled against him in an anonymous report.

“Tesla is building a hardcore litigation department where we directly initiate & execute lawsuits. The team will report directly to me,” he tweeted.