Tuesday, December 18, 2018

Report: SpaceX Raising $500M For Satellite Internet Efforts

Hawthorne-based SpaceX is in the midst of raising another $500M in funding, according to the WSJ, in a funding round to help it bring its constellation of Internet satellites to space. According to the report--citing "people familiar with the fundraising"--the new round values SpaceX at $30.5 billion. The funding reportedly is coming form Baillie Gifford & Co., along with its existing shareholders. After the funding round, SpaceX will have raised a total of $2.5 billion in funding for its rocket development, spacecraft, and space exploration plans. SpaceX is working on putting up a massive constellation of 4,000 low-earth-orbit satellites to create Starlink, a system that intends to bring high speed satellite Internet to anywhere on the globe.

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