Arthur J. Villasanta – Fourth Estate Contributor
Hawthorne, CA, United States (4E) – SpaceX has received $450 million in funding to finance its ambitious projects, chief among which is to build a mammoth Mars rocket named the Big Falcon Rocket (BFR), which some irreverently refer to as the “Big F****** Rocket.”
This total amount raised during the company’s latest funding round in Late November is $100 million larger than that anticipated by SpaceX. SpaceX, however, didn’t reveal who invested in its latest round.
The funding was an addition to the earlier round, and not a new round, said Space X.
“This filing simply discloses that SpaceX received an additional $100 million of investment as part of the last funding round which was disclosed earlier this summer,” noted SpaceX spokesman James Gleeson.
The additional $100 million brings to nearly $1.7 billion the total raised by SpaceX to date. This total is dominated by a single round of $1 billion SpaceX raised in January 2015 led by Google and Fidelity Investments, a multinational financial services corporation based in Boston, Massachusetts.
Google and Fidelity combined now own 10 percent of SpaceX.
The $450 million in funding increases the company’s value to $21.2 billion, according to Equidate, a San Francisco company that operates a market for trading shares in privately-held companies.
SpaceX hasn’t confirmed how it plans to use the $450 million, but experts point to two projects in dire need of immediate funding.
The first is BFR, which will be used for the initial cargo missions to Mars in 2022. Elon Musk, however, described this date as “aspirational.”
The second is SpaceX’ incredibly ambitious plan to provide high-speed internet anywhere on Earth by launching the first of a massive constellation of 4,425 super-fast Ka- and Ku-band internet satellites in low Earth orbit (LEO) by 2019.
This first constellation will be followed by a second one consisting of 7,500 V-band satellites. Commercial service for the first constellation is expected to begin in either 2020 or 2021.
Article – All Rights Reserved.
Provided by FeedSyndicate