SpaceX said to be raising $500M to help fund internet service

According to the announced plan, SpaceX intends to launch 11,000 satellites to plaster the globe with internet connectivity. So far, SpaceX has launched just two prototype satellites, even though earlier reports stated SpaceX, at one time, projected it would have 400 satellites in orbit by the end of 2018.

If this funding goes through, it will bring SpaceX’s total amount raised to about $2.5 billion of equity funding, according to Dow Jones Venture Source. Last month, SpaceX raised $250 million through a high-yield loan sale.

The WSJ reports that for this equity round SpaceX turned to existing investors and new investor Baillie Gifford & Co., a large investor in Musk’s Tesla. The report stats that SpaceX and the investors have agreed to the financing terms but the money has yet to be sent.

 

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