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Musk’s SpaceX raised more than $1 billion in six months: filings

FILE PHOTO: SpaceX Falcon 9 carrying the Crew Dragon spacecraft is on launch pad 39A prior to the uncrewed test flight to the International space station from the Kennedy Space Center in Cape Canaveral, Florida, USA, March 1, 2019. REUTERS/Mike Blake/File Photo

(Reuters) – Billionaire entrepreneur Elon Musk’s SpaceX has raised more than $1 billion in financing in the past six months as the aim is to roll out an ambitious, high-speed internet through the use of a constellation of satellites to beam signals from space.

The company raised here, $486.2 million in an equity offering, from December, and even a little bit.ly/2W1QMJD $535.7 million in an offering that began in April, the regulatory filings on Friday showed.

The rocket company on Thursday launched the first batch of 60 small satellites in a low orbit around the Earth for Musk new Starlink internet service.

Musk sees the Starlink venture as an important new revenue stream for his California-based company, whose launch income he expected from the approximately $3 billion per year.

At least 12 launches carrying similar payloads are needed to enable the constant internet coverage of most of the world, Musk said. For now, Starlink is allowed only for the U.S. operations.

Reporting by Akanksha Rana in Bengaluru; Editing by Anil D’silva

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