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Musk's SpaceX raised over $1 billion in six months: filings

2019-05-25 07:07    Investing

Musk's SpaceX raised over billion in six months: filings Technology News

© Reuters. FILE PHOTO: A SpaceX Falcon 9 carrying the Crew Dragon spacecraft sits on launch pad 39A prior to the uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral

(Reuters) - Billionaire entrepreneur Elon Musk's SpaceX has raised more than $1 billion in financing in the last six months as it aims to roll out an ambitious high-speed internet service by using a constellation of satellites to beam signals from space.

The company raised https://www.sec.gov/Archives/edgar/data/1181412/000118141219000004/xslFormDX01/primary_doc.xml $486.2 million in an equity offering, starting December, and another https:// $535.7 million in an offering that began in April, its regulatory filings on Friday showed.

The rocket company on Thursday launched the first batch of 60 small satellites into low-Earth orbit for Musk's new Starlink internet service.

Musk sees the Starlink venture as an important new revenue stream for his California-based company, whose launch service income he expects to top out at around $3 billion a year.

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

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