Welcome to this week’s Private Markets Express, a digest of small pieces of private equity news and knowledge gathered for your reading pleasure.

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SpaceX, the revolutionary rocket maker founded by billionaire Elon Musk, has raised up to $350 million in new financing. According to a CNBC article, SpaceX is now valued at around $21B. With the significant jump in valuation, SpaceX joins an elite club of only seven venture-backed companies valued at $20B or more. The companies that make up this elite club are Uber, Airbnb, WeWork, Palantir, Didi Chuxing, Xiaomi, and now SpaceX. This latest funding round nearly doubles SpaceX’s valuation, which was around $11B back when it raised $1B from Google and Fidelity at the beginning of 2015. Since then SpaceX has been extremely busy launching and recovering and then re-launching rockets. The company has already completed 9 launches so far this year.

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Dropbox, the enterprise cloud storage company, is reportedly inching closer to a potential IPO. As a top contender for an IPO in 2017, Dropbox is now working with Goldman Sachs to prepare documents for an IPO that could be filed as soon as this year, according to a Bloomberg article. Earlier this year Dropbox said it hit a $1 billion revenue run rate and now has over 500 million users. Co-founder and CEO, Drew Houston, said in April that the company is now generating a profit, excluding interest, taxes, depreciation and amortization, a key metric that investors will watch as the software maker moves closer to becoming a public company. The company may be testing the waters to see if the market would be interested in buying shares in the company at a good valuation. The IPO market has been disappointing so far, with disastrous IPO’s of Snapchat (-44.6%) and Blue Apron (-33.2%). However, a recent IPO may be turning the tides in the tech market for IPO’s.

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On Friday, Redfin, a residential real estate company that provides an online real estate database and brokerage services, went public on the NASDAQ. Redfin’s IPO, (+44.67%) on its first day in the market, may provide a glimmer of hope that the tech IPO market is starting to heat up. Only time will tell if Redfin will live up to investor’s expectations or begin to crumble like SNAP and Blue Apron.

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