SpaceX, the rocket company founded by Elon Musk back in 2002, is reportedly planning to raise about $500 million. These plans were revealed by a new report, indicating that investors are also valuing the company at $30.5 billion. The company is planning to raise the money from existing shareholders along with a new investor Baillie Gifford & Co, which also happens to be the third-largest shareholder in Tesla Inc. Even though the company is working on its Mars colonization plan, part of this initial fundraising is likely to invest the capital in its satellite internet service, Starlink. Also Read - TikTok beats WhatsApp and Facebook in usage in rural India: ReportAlso Read - Work from home: Essential gadgets and gear to maintain productivity and health
According to a detailed report by the Wall Street Journal, the company is likely to strengthen Starlink. The satellite internet service includes a constellation of satellites that will bring high-speed internet access to far-off places across the planet. The interesting part about this is that the company will not need to set up a considerable amount of infrastructure on the ground. According to a report by Reuters, the remote places are the key for Starlink to generate revenue. Also Read - NASA and SpaceX forced to postpone historic launch to Saturday due to bad weather
Watch: Qualcomm Snapdragon 855 Features First Look
The revenue generated from Starlink will in-turn be used to create and develop the new rocket that will take SpaceX customers to the moon, and then eventually to Mars. The report adds that the company has refused from commenting on the reports regarding the fundraising.
Previously, the company held a fundraiser in April 2019 where investors paid $169-per share. According to the report, the investors are paying $186 per share as part of the new funding round. With the change in the stock price, the estimated value of the company has also increased from $26 billion in April to about $30.5