Elon Musk's SpaceX has raised an additional $314 million, bringing its total capital raised in the last few months to $1.16 billion.

SpaceX disclosed in February that it had raised $850 million in fresh funding, but in a regulatory filing Wednesday, it amended the filing with the new, higher total. The funds are expected to be used for working capital.

A SpaceX rocket takes off.

Image source: SpaceX.

The round reportedly values SpaceX at $74 billion. By comparison, Lockheed Martin (LMT -0.55%)is valued by the market at $108.8 billion. The company owns half of SpaceX competitor United Launch Alliance in addition to a number of major defense franchises, including the F-35 Joint Strike Fighter. In 2020, Lockheed generated $65 billion in revenue.

SpaceX is part of a generation of new, private space companies focused on pushing humanity's boundaries and has had some success as a government contractor, including working with NASA to deliver astronauts to the International Space Station. Some of its more ambitious efforts, like attempting to develop a spaceship capable of delivering humans to Mars, are in earlier stages.

The company's massive Starship prototype rockets have experienced a series of high-profile explosions in test flights, though it is still an experimental program.

It is also working to launch hundreds of small satellites into space in order to operate its Starlink broadband internet service.