Categories LATEST

SpaceX to raise $500-million funding from its existing shareholders and a Tesla investor

Elon Musk’s SpaceX is ready to raise $500 million through funding, making the rocket company’s valuation increase to $30.5 billion, according to WSJ. The report added that this funding will be raised from the company’s existing shareholders and Baillie Gifford & Co, Tesla’s (TSLA) third largest shareholder.

SpaceX $500 million funding
Falcon 9 at Vandenberg Air Force Base Image Courtesy: SpaceX

SpaceX plans to utilize the funding amount to invest in Starlink, the company’s project to provide the globe with high-speed broadband internet via a network of satellites. In November, SpaceX got the approval from the US regulators to launch more than 7,000 satellites, which are designed to provide broadband internet connections.

According to Crunchbase, the Hawthorne, California-based company had raised $250 million in November through a debt financing in which Bank of America (BAC) was the lead investor and SpaceX has raised a total of $2.2 billion in funding over 17 rounds as of November 2018. Google and Fidelity had invested in SpaceX in January 2015 through a Series G funding.

Elon Musk’s two biggest ambitions at SpaceX

After Tesla reported its third quarter earnings in October, the Scottish private equity firm Baillie Gifford stated that it would invest more money into Tesla if CEO Elon Musk requires it.

It’s worth noting that SpaceX scrubbed its GPS launch Tuesday morning. The GPS, which was scheduled to launch at 9:30 AM ET, was halted a few minutes before the launch. SpaceX tweeted that the hold was due to an out of family reading on first stage sensors and the launch is scheduled on Wednesday morning.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference, and much more!

 

Most Popular

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Infographic: A snapshot of Costco’s (COST) Q4 2022 earnings

Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top