Home / Science / SpaceX collects over $ 1 billion in two rounds of financing

SpaceX collects over $ 1 billion in two rounds of financing

WASHINGTON – SpaceX has raised more than $ 1 billion in new capital this year as it launches its Starlink broadband deployment, following Friday's regulatory filings.

The satellite operator-turned-start provider raised $ 486.2 million in one round and $ 535.7 million in another round, the company said on May 24, the US Securities and Exchange Commission.

The record shows that SpaceX has sold all of the available shares between the two rounds, with the exception of $ 18.8 million. The company raised a total of $ 1.022 billion.

SpaceX is currently building two capital-intensive projects ̵

1; the fully reusable super heavy booster with its Starship upper stage and the Starlink broadband mega-constellation with up to 12,000 satellites.

SpaceX CEO, Elon Musk, said in 2017 that the plan to fund Starship and Super Heavy – then called the Big Falcon Rocket – replaced the current SpaceX missiles Falcon 9 and Falcon Heavy new start system included. In a teleconference with reporters last week, Musk announced that SpaceX could also use Starlink revenue to fund the new startup system.

How SpaceX Starlink would finance remains controversial in the satellite industry. Gwynne Shotwell, SpaceX President and COO, estimated last year that the constellation would cost around $ 10 billion .

SpaceX generated $ 2 billion in initial revenue last year, according to a July 19 report from Jefferies Financial Group.

Musk did not provide an updated figure for Starlink, but said starter proceeds and raised capital provide the company with sufficient resources to complete the massive project.

"At this point we seem to have enough capital to reach operational levels," he said of Starlink.

Musk said Starlink needed around 800 satellites to achieve "significant operability," and about 1,000 satellites to become "economically viable." The constellation up to that number is based on demand. Ideally, SpaceX will have Starship and Super Heavy in service "when we are anywhere near 12,000 satellites," he said, providing another way to reduce the cost of delivering the constellation.

SpaceX's latest rounds followed an unusual submission last month, in which SpaceX raised only $ 44 million after offering to sell $ 400 million in stocks and shares. Musk suggested that the information was outdated.

"I would not say that our rounds of funding have come up short," he said. "In fact, they were oversubscribed for SpaceX."

Source link