Jeff Bezos' Blue Origin is raising external funding for the first time. Read the CEO's email to staff.

Blue Origin, the aerospace venture founded by Jeff Bezos, is set to raise $10 billion in an effort to compete more effectively with Elon Musk's SpaceX. In a memo shared with employees on Wednesday, CEO Dave Limp announced the fundraising initiative, which places the company's valuation at an impressive $130 billion. "We are entering a period where opportunities in space are expanding rapidly," Limp stated in his communication. He emphasized that securing this investment would not only bolster the company’s credibility but also serve as a strong endorsement from investors regarding the long-term vision of Blue Origin. This marks a significant shift for Blue Origin, which has relied solely on internal funding since its inception in 2000. According to a report from The New York Times' DealBook, the funding round is being spearheaded by Coatue Management, with Bezos himself contributing $2 billion. As Blue Origin seeks to establish itself in the increasingly competitive space industry, the company faces the daunting challenge of catching up to SpaceX, which has executed hundreds of successful rocket launches. In contrast, Blue Origin has only conducted a handful of orbital tests thus far. Recently, SpaceX achieved a remarkable milestone by raising $86 billion during its public offering, pushing its valuation to over $2 trillion. Blue Origin has yet to respond to requests for further comment regarding this new funding initiative.