Elon Musk's SpaceX raises $1.9 billion in funding

Published August 19, 2020
The funding comes as SpaceX races to build out its Starlink satellite constellation to offer broadband internet commercially by the end of 2020. — Reuters/File
The funding comes as SpaceX races to build out its Starlink satellite constellation to offer broadband internet commercially by the end of 2020. — Reuters/File

Billionaire Elon Musk's SpaceX has raised $1.9 billion in new funding, according to a regulatory filing on Tuesday.

This would be the largest single fundraising round to date by SpaceX, according to PitchBook data.

Bloomberg, which reported about the funding round last week, said the private rocket company will have an equity value of $46bn after the transaction, citing people familiar with the matter.

The funding comes as SpaceX races to build out its Starlink satellite constellation to offer broadband internet commercially by the end of 2020. The company launched its eleventh batch of satellites on Tuesday, and operates over 600 satellites in low-Earth orbit.

SpaceX’s Crew Dragon capsule completed its first two-month mission carrying astronauts for NASA in early August, with plans to start routine crewed missions to the International Space Station in late October.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.