Musk's SpaceX raised over $1 billion in six months - filings
Reuters
Published May 25, 2019 00:44
Musk's SpaceX raised over $1 billion in six months - filings
(Reuters) - Billionaire entrepreneur Elon Musk's SpaceX has raised more than $1 billion(786.78 million pounds) in financing in the last six months as it aims to roll out an ambitious high-speed internet service by using a constellation of satellites to beam signals from space.
The company raised $486.2 million in an equity offering, starting December, and another $535.7 million in an offering that began in April, its regulatory filings on Friday showed.
The rocket company on Thursday launched the first batch of 60 small satellites into low-Earth orbit for Musk's new Starlink internet service.
Musk sees the Starlink venture as an important new revenue stream for his California-based company, whose launch service income he expects to top out at around $3 billion a year.
At least 12 launches carrying similar payloads are needed to achieve constant internet coverage of most of the world, Musk said. For now, Starlink is only authorized for U.S. operations.
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Written By: Reuters
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