The latest fundraising for SpaceX rounds out a volatile year for founder Elon Musk.

The Hawthorne, Calif., company, known as SpaceX, is raising the capital from existing shareholders and new investor Baillie Gifford & Co., one of the people said. The Scottish money-management firm is one of the largest investors in another Musk-led company, Tesla Inc., with about a 7.6% stake, according to S&P Global Market Intelligence.

SpaceX and the investors have agreed on the financing terms, but the money hasn’t been sent to the company yet, this person said. SpaceX could announce the deal by year-end.

SpaceX investors are paying $186 per share for new stock in the latest funding round, this person said. That is up about 10% from the $169-per- share paid during an April fundraising, according to SpaceX data compiled by private-company analytics firm Lagniappe Labs.

Including this round, SpaceX has raised about $2.5 billion of equity funding, according to Dow Jones VentureSource. Last month it raised $250 million via its first high-yield loan sale.

SpaceX and Baillie Gifford both declined to comment.

The SpaceX Dragon cargo spacecraft approaches a robotic arm for docking to the International Space Station on Dec. 8, three days after launching from Florida.

The SpaceX Dragon cargo spacecraft approaches a robotic arm for docking to the International Space Station on Dec. 8, three days after launching from Florida. Photo: Associated Press

SpaceX plans to invest in the company’s nascent satellite internet service, known as Starlink, one of the people said. Initial designs call for it to be powered by a constellation of more than 4,000 satellites orbiting the earth at low altitudes. That is one of two multibillion-dollar projects at the company, including plans to develop the largest rocket system ever built, the Starship and its Super Heavy rocket booster. The company currently makes money by launching commercial and government satellites.

SpaceX is among several companies where Mr. Musk is the largest shareholder. Aside from Tesla, where he is CEO, he also is the founder of brain computer startup Neuralink and tunnel-digging venture Boring Co.,…