The $850 million Space Exploration Technologies Corp. raised recently takes its valuation to $74 billion, according to sources and will also allow it to pay for its Starlink satellite internet and reusable space vehicles.

SpaceX raised new funds at $419.99 per share, CNBC said.

The latest fundraising is a 60% jump in the company's valuation since August.

Investor interest was significant with one insider saying SpaceX was swamped by "insane demand" amounting to $6 billion in offers over three days. SpaceX also completed a secondary round where existing participants were able to sell an additional $750 million worth of shares.

The latest cash injection is a boost to SpaceX as it continues to simultaneously develop the capital-intensive Starlink and Starship projects.

SpaceX estimates Starlink will cost more than $10 billion to build and deploy within this decade. Chief executive Elon Musk said Starlink's high-speed satellite internet broadband service can generate up to $30 billion a year.

SpaceX said Starlink had 10,000 select beta users in the northern U.S., Canada and the UK.

SpaceX will use Starlink to provide broadband satellite internet connectivity to underserved and rural areas. Starlink will provide competitively priced internet to urban areas, too.

Funding for Starship will build spaceports for the rocket fleet. In mid-January, SpaceX bought two oil rigs to serve as launch and landing sites for Starship that will eventually take people to Mars.