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.
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.