Elon Musk’s SpaceX raised $1 billion in only 6 months

SpaceX, the company owned by billionaire entrepreneur and Tesla CEO Elon Musk, raised over $1 billion over the last six months, filing documents indicate.

The mega financing achieved in just half a year are being revealed at a time the company is preparing to roll out one of the grandest high-speed internet services. According to SpaceX, all these are to be made possible when the firm launches a constellation of satellites that it says will beam connectivity signals from space.

Documents filed with the U.S. Securities and Exchange Commission (SEC) show that the company raised $486.2 million via an equity offering beginning December last year.

It also raised another $535.7 million, with this second offering beginning in April, a filing published by the securities regulator on Friday revealed.

Musk’s rocket company launched its first satellites on Thursday, sent into space in a batch of 60 small satellites.  The satellites were aboard a Falcon 9 rocket, blasted off from Florida’s Cape Canaveral Air Force Station.

Each of the satellites weighs about 227 kg (roughly 500 pounds) and (were) finally launched into orbit after two countdown failures last week.

They are to orbit Earth and will be used to beam signals for Starlink internet service, a new service being launched by Elon Musk’s company.

According to the Tesla chief, the Starlink venture forms a very crucial part of the effort to get new revenue streams for SpaceX. Musk sees the California-based firm’s launch service income going on to top out at an annual figure of roughly $3 billion.

Reports say that SpaceX needs to send into low-Earth orbit at least 12 similar batches for it to acquire a constant internet coverage that would serve the larger part of the world.

Though designed to eventually cover the entire globe, Starlink is at the moment only authorized to provide service in the United States.