As per reports, Elon Musk’s SpaceX has raised $850 million in equity funding last week sending the company’s valuation to $74 billion. SpaceX is simultaneously developing and investing in its two ambitious and capital-intensive projects Starlink and Starship rocket. Starlink is a highly anticipated project of SpaceX aimed to build an interconnected internet network powered by thousands of satellites, designed to deliver high-speed internet to users anywhere on Earth. Musk again informed last week that SpaceX plans to eventually spin off Starlink and take it public.
“Once we can predict cash flow reasonably well, Starlink will IPO,” stated Musk.
SpaceX’s Starship rocket is being built and prototypes being tested in Boca Chica, Texas. The company has been successful in launching multiple Starship prototypes, making them land safely after short flights to about 500 feet altitude. But its two most recent high-altitude flights, exploded on impact during attempted landings, despite passing multiple development milestones. SpaceX is developing Starship with the goal of launching as many as hundreds of people and cargo at a time on missions to the moon and Mars. The Starship prototypes are built of stainless steel, making them reusable similar to a commercial aircraft.
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