As SpaceX successfully deployed its Starlink Broadband satellite constellation, interest in the company and the space industry as a whole continues to increase.
To get a bite out of the lucrative business, investors have lined up to provide Elon Musk's company with new capital. In two separate funding rounds, SpaceX was able to raise over $1 billion in new capital, which it will use to fund its future space projects.
According to the company's regulatory filings, SpaceX was able to raise around $486.2 million in its first round of funding. To supply the growing demand for the company's stake, a second round was launched, netting the company another $535.7 million in new capital.
The filing to the US Securities and Exchange Commission revealed that SpaceX was able to sell all of the shares it had made available during both rounds. All in all, the company raised $1.022 billion.
SpaceX reportedly has big plans for the new investments. The company currently has a roster of projects, all of which will cost significant amounts of money to complete. One of the biggest projects on its docket is the completion of its fully reusable Super Heavy booster, also known as the Big Falcon Rocket (BFR). The rocket itself will have two components, the upper stage Starship, and the Super Heavy booster stage. SpaceX has plans for an orbital flight slated for 2020 and a moon mission in 2023.
A big portion of its new capital will also be used to fund the company's Starlink broadband mega constellation project. The high-performance satellite array will be used to provide a space-based internet communication system, which can be used for military, scientific, and exploratory purposes. SpaceX plans to launch nearly 12,000 satellites in three orbital shells. The project is estimated to cost the company around $10 billion.
Last week, Musk announced that his company will mainly be using the revenue it generates from Starlink to fund their other projects. However, the company's finances have recently been questioned given the apparent cost of deploying the satellite constellation. Musk did assure investors and stated that launch revenues should be able to provide enough resources to complete the massive project. Last year, SpaceX reportedly earned $2 billion from its commercial launches.
Musk recently pointed out that they just need to launch 800 out of the 12,000 planned satellites in order for the system to be operational. However, Musk explained that they need at least 1,000 satellites in orbit for the business to be economically viable.
