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Economy

SpaceX Raises $1.9 billion in Funding, The Company's Largest Single Fundraising Round

Billionaire Elon Musk’s SpaceX has raised $1.9 billion in new financing, according to a regulatory filing bit.ly/3178nk3 on Tuesday.

SpeceX CEO Elon Musk|Photo Credit: Getty Image

This will be the largest single fundraising round to date by SpaceX, according to PitchBook results.
The new funding for SpaceX hardly comes as a surprise; since earlier this year, the privately-owned rocket company Elon Musk has been seeking funding, but Bloomberg announced last week that it raised the investment size it was seeking due to strong investment community demand.
Bloomberg, who wrote last week about the funding round, said after the deal, the private rocket firm would have an equity valuation of $46 billion, citing people who are familiar with the matter.
SpaceX could be better placed than ever to attract substantial investor capital, given the string of high-profile achievements it has recently achieved.
The investment comes as SpaceX works to set up its Starlink satellite network to commercially provide broadband internet by the end of 2020.
The company launched its 11th batch of satellites on Tuesday and operates more than 600 low-Earth orbit satellites.
SpaceX’s Crew Dragon spacecraft completed its first two-month flight carrying astronauts for NASA in early August, with plans to launch routine crewed flights to the International Space Station in late October.

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Abdulmajeed Muhammed Is a breaking news reporter at Forsige, covering Sport, Politics, and Public policy articles focused on Africa, Europe and Asia from Abuja.

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