(Bloomberg) -- Elon Musk’s SpaceX raised $1.68 billion in fresh financing, less than what it had offered investors for a stake in the closely held rocket launch and satellite company. 

Hawthorne, California-based Space Exploration Technologies Corp., as it’s formally known, sold the equity to a group of 74 investors having offered $1.72 billion of equity, the company said in a regulatory filing Monday.

SpaceX was in talks to raise the funds at a valuation of $125 billion, Bloomberg reported in May. The round would represent a jump from a previous valuation of around $100 billion reached in a round last year.

Read more: SpaceX said in talks to raise funds at $125 billion value

The added funds are expected to help SpaceX build out its Starlink satellite constellation, complete its next-generation Starship spaceship and heavy-lift rocket and continue to recruit aerospace engineering talent in a competitive industry.

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