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SpaceX Is Raising Money To Fund Internet Service Project

SpaceX is raising money to fund a new Internet service project called Starlink.

According to a Wall Street Journal report, SpaceX is planning on launching over 11,000 satellites that will provide the globe with internet connectivity. To achieve this ambitious goal, SpaceX is currently raising funds for the project. They're raising a total of $500 million at a valuation of $30.5 billion is the amount of money that is reportedly being built by SpaceX to complete the project.

If the latest amount of funding does go through, it will bring the company's total amount raised to $2.5 billion of equity funding. Last month, SpaceX was able to raise around $250 million for their internet project through a high-yield loan sale. For its most recent round of fundraising, the company has reportedly turned to not only current investors in SpaceX but also new investors.

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Baillie Gifford & Co. and a significant investor in Musk's Tesla are on the new list of investors the company is hoping will take a chance on them. The Wall Street Journal has indicated that SpaceX and both new investors have agreed on the terms, but the financial transactions have not yet been completed.

Along with the company being in the midst of a massive fundraising campaign for Starlink, they are also in the process of getting their prototype satellites launched. To date, only two of the test satellites have been launched, which is way off the targeted goal SpaceX had for 2018. At the beginning of the year, they indicated that, by the end of the year, there would be almost 400 prototype satellites testing the global internet projects.

Elon Musk founded SpaceX. The company announced last year that it would be moving forward with Starlink, a name that has since been trademarked by SpaceX. It is attempting to build its own constellation of 4,425 broadband satellites, with another 7,518 satellites to come after the original launch. SpaceX is slated to begin launching constellations in 2019. Once 800 satellites have been successfully deployed the system should be operational.

Global internet is quite the lofty goal from SpaceX and Musk. Only time will tell if the goal can be achieved.

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