SpaceX raised $850 million in funds making its valuation jumps from $46 billion to $74 billion. This is the 1st time since 2018 when SpaceX raised funding. Last time the company raised $2 billion at a much lesser share price, while this time the funds were raised at a $419.99 share price. This share price is also the infamous cost of funding that Elon tweeted, saying that, he has secured funding to take Tesla private.
Reports also suggest that this funding is just a fraction of the entire amount the company plans to raise. Essentially, it seems that SpaceX is building a war chest or money that its gonna burn as it tries to achieve its missions. This includes the Starlink launch, Starship launch and other space missions.
SpaceX’s Starlink goals
One of the most ambitious goals of SpaceX is that it has constantly been working on Starlink. It’s estimated that the entire Starlink network could take around $10 billion to build, or even more. The fact is that SpaceX also believes that the entire project can generate over $30 billion every year, which is over 10 times its rocket business.
The company has already launched around 1000 satellites in the lower Earth orbit. And it plans to launch at least 500 more before rolling out global service. It is important to note that the ultimate goal is to launch 42,000 satellites. Presently, SpaceX is charging a $499 one time fee and $99 monthly for their Starlink internet service.
Elon Musk has made it the mission of his life to take humans to Mars. It has already started testing Starships that will be capable of carrying both cargo and crew to outer space. Till now, the SN8 and the SN9 have crashed, and the testings were a failure. But Elon did say that the SN10 has a 60% chance of landing properly. Whatever the case is, these testings do cost a lot of money, and until a successful starship is built, there are no returns.
SpaceX’s crew missions to the ISS
SpaceX has also spent a lot of money in R&D to build the crew spaceship to take astronauts to the ISS. It has already conducted a mission successfully taking 4 astronauts to the International Space Station. NASA had a lot of doubts about whether or not that they should give the mission to the company. But SpaceX cleared all those doubts by having a flawless mission.
What are your thoughts on the fact that SpaceX raised $850 million, increasing its evaluation by 60%? And do you think this amount will be good enough for the company to accomplish its missions? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.