American aerospace manufacturer and space transportation services company SpaceX raises $850million sending the company’s valuation to $74 billion.
SpaceX raised new funds at $419.99 a share just a cent below the $420 price that Elon Musk made infamous in 2018, when he announced that he had “funding secured” to take Tesla private.
The current raise also represents a jump of about 60 per cent in the company’s valuation from its previous round in august when the company raised nearly $2billion at a $46 billion valuation.
The increase in SpaceX’s estimation constitutes another impressive victory for Elon Musk. Whose electric car-company Tesla has climbed around 350% in the value over the previous year.
The Motive of Starlink is to build a “constellation” of satellites to provide high-speed internet to users across the globe.the contents of Starlink kit will have a satellite antenna dish, a power supply, a stand and a Wifi router.
It is been estimated by the company that Starlink will cost $10 billion or more to build, it believes that the network could bring in as much as $30 billion a year.
Up till this day SpaceX has launched 1,000 satellites for starlink, as it is beginning to rollout services to customers in United Kingdom, Canada , United states.
Elon Musk, the ceo of SpaceX and Tesla said on twitter:
“Starlink is a staggeringly difficult technical & economic endeavor. However, if we don’t fail, the cost to end users will improve every year.”
In a separate tweet he said
“SpaceX needs to pass through a deep chasm of negative cash flow over the next year or so to make Starlink financially viable,”
“Once we can predict cash flow reasonably well, Starlink will IPO.”
