A filing with the United States’ Security and Exchange Commission (SEC) has confirmed SpaceX has received $850 million in funding.
Sequoia, an investment firm, has also contributed over $600 million to SpaceX. In addition, with a secondary sale of existing shares, $750 million was generated. The company is now currently valued at $74 billion.
The funding was first reported last week.
SpaceX’s current projects are reusable rockets and global broadband internet service.
The next-generation reusable rocket, Starship, is still in its prototype phase. In the past months, SpaceX has been creating at least two new prototypes at once. Its goal is to create a rocket with new engines and with a cargo capacity that is significantly larger than its current spacecrafts – Dragon and Falcon 9.
Its broadband internet service, Starlink, is also still in its beta phase.
Starlink currently has over 1,000 satellites in orbit. For worldwide coverage, it will need more than 12,000. Elon Musk estimates that it will cost $10 billion to fully deploy Starlink.
Both projects have tremendous upfront costs, which explains SpaceX’s large capital need. It is projected that both Starship and Starlink will a large potential for long-term global benefits.
