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

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

by Purvai Dua
18th Dec 18 3:24 pm

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

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.

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