Musk’s SpaceX raising $500m in funding, says latest report

Elon Musk’s SpaceX is reportedly raising a $500m round of fundraising.

Elon Musk can have this kind of year & *still* raise $500M for SpaceX at a $30+ billion valuation. Scoop from @RolfeWinkler, Andy Pasztor & @realrobcopeland. https://t.co/PNY8hNJFMB pic.twitter.com/Ypm3xFUZOI

— Deepa Seetharaman (@dseetharaman) December 18, 2018

According to the Wall Street Journal, the new funding puts SpaceX’s valuation at $30.5bn. The report adds that the firm is raising the capital from existing shareholders as well as new investor Baillie Gifford, a Scottish investment firm.

SpaceX is reportedly planning to use the new cash to build its massive satellite internet project, called Starlink.

SpaceX and Baillie Gifford declined to comment.

Starlink – a name SpaceX filed to trademark last year – is an ambition unmatched by any current satellite network. The company is attempting to build its own constellation of 4,425 broadband satellites, with another 7,518 satellites to come after. SpaceX will begin launching the constellation in 2019. The system will be operational once at least 800 satellites are deployed.