SpaceX raised a fresh round of funding as the company led by Elon Musk pushes forward with multibillion-dollar projects and faces rising costs.

The company has raised at least $1.5 billion in its latest funding round, according to an investor. The financing values SpaceX at around $125 billion, the investor said. Last year, the company was valued at $100 billion, according to researcher PitchBook.

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