SpaceX has Already Raised More Than $1 Billion in Funding This Year

SpaceX has raised $1 billion in the first six months of 2019.
Elon Musk, SpaceX CEO and Hans Koenigsmann, SpaceX vice president of Mission Assurance, celebrate the successful liftoff of the CRS-8 mission | Photo credit: NASA/Kim Shiflett

SpaceX has raised $1.02 billion in funding in the first half of 2019 alone. The funds will be key to the company’s ambitious goal of providing global broadband internet coverage with a network of almost 12,000 satellites.

The $1.02 billion in funding was raised over two equity rounds and revealed by CNBC on May 24. SpaceX had initially sought $500 million in a January equity round and $400 million in April. According to the company’s founder and CEO Elon Musk, both rounds were oversubscribed with investor interest resulting in the company raising over $100 million more in funding than expected.

During a call with the media hours before the launch of the first 60 Starlink satellites, Musk stated that he believed that SpaceX could potentially gain as much as a 3% share of the $1 trillion international broadband internet market. This would result in potential earnings of $30 billion a year, which, if true, would arguably make the $1 billion cash injection from investors a bargain at twice the price.

Although much of the California-based launch provider’s attention over the next two years will be focused on Starlink, the network is a means to an end for SpaceX. Musk has stated that he plans to reinvest the revenue generated by Starlink to “develop more and more advanced rockets and spaceships.”

Andrew Parsonson is a space enthusiast and the founder of Rocket Rundown. He has worked as a journalist and blogger for various industries for over 5 years and has a passion for both fictional and real-life space travel. Currently, Andrew is the primary writer for Rocket Rundown as we look to expand our reach and credibility.