A SpaceX Falcon 9 rocket carrying the company's Crew Dragon spacecraft is launched on the Demo-2 mission with NASA astronauts Robert Behnken and Do
A SpaceX Falcon 9 rocket carrying the company’s Crew Dragon spacecraft is launched on the Demo-2 mission with NASA astronauts Robert Behnken and Douglas Hurley onboard.
Space Exploration Technologies, Elon Musk’s re-usable rocket and satellite internet venture, is in talks to raise $500 million to $1 billion in series N funding at a valuation of $44 billion, according to documents reviewed by CNBC and people familiar with the company’s fundraising activity.
The growth funding would help SpaceX begin commercial operations of its Starlink satellite broadband service, and to conduct sub-orbital and orbital test flights of its Starship and SuperHeavy booster launch vehicle. Bloomberg previously reported on the fundraising plans.
SpaceX is telling investors its Starlink business is going after a $1 trillion total addressable market — including bringing satellite broadband to any location, including all rural areas on Earth, and to ships at sea and aircraft in flight. The company began to deploy constellations of satellites for Starlink in November 2019, and has launched more than 450 satellites since then. They expect to generate revenue from the service starting this year.
Ultimately, SpaceX aims to make interplanetary transportation from the Earth to the Moon and Mars a reality with its re-usable rockets. The company also has ambitions to use Starship for rapid long-distance air travel on Earth, rendering long haul flights in under an hour.
Among others, SpaceX was previously backed by investors in Elon Musk’s car company, Tesla. Shared investors have included Peter Thiel’s Founders Fund, Baillie Gifford and Valor Equity Partners. SpaceX has a myriad of other investors, including Fidelity, Gigafund and Google.
Gigafund, which was founded by SpaceX board member Luke Nosek, is expected to participate significantly in the new round.