SpaceX reportedly raising $500 million in funding for Starlink satellite network

Share on facebook
Share on twitter
Share on linkedin
Share on email

The SpaceX network of satellites, better known as Starlink, is further along the development pipeline.

This according to a recent report from the Wall Street Journal (paywall) that says the company is looking to raise an estimated $500 in funding for the Starlink project.

Sources close to the company have told WSJ that funding will be raised on the back of a $30.5 billion valuation of the space firm. In particular the aeronautics firm will be turning to its existing investors to raise the required capital, as well as new investor in Baillie Gifford & Co.

While SpaceX has not commented on the report, the project has outlined its intention to launch as many as 11 000 low-orbit satellites into space in order to beam down internet connectivity, as well as deliver a host of other services.

At the moment the company only has two prototype satellites in development, with SpaceX initially stating that it planned to have 400 Starlink satellites orbiting by the end of 2018.

With that date soon upon us, and no satellites launched to date, it’s clear the project has been hampered somewhat, so looking for funding might be the best way to get things back on track.

This isn’t the first time that SpaceX has looked to raise funding in order to get projects off the ground, with TechCrunch noting that if this rumoured round is successful, it would bring the funding total to $2.5 billion.


[Image – CC 0 Pixabay]

Robin-Leigh Chetty

Robin-Leigh Chetty

When he's not reviewing the latest smartphones, Robin-Leigh is writing about everything tech-related from IoT and smart cities, to 5G and cloud computing. He's also a keen photographer and dabbles in console games.