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Musk's SpaceX raised over US$1b in six months

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Billionaire entrepreneur Elon Musk's SpaceX has raised more than US$1 billion in financing in the last six months as it aims to roll out an ambitious high-speed internet service by using a constellation of satellites to beam signals from space.

[BENGALURU] Billionaire entrepreneur Elon Musk's SpaceX has raised more than US$1 billion in financing in the last six months as it aims to roll out an ambitious high-speed internet service by using a constellation of satellites to beam signals from space.

The company raised US$486.2 million in an equity offering, starting December, and another US$535.7 million in an offering that began in April, its regulatory filings on Friday showed.

The rocket company on Thursday launched the first batch of 60 small satellites into low-Earth orbit for Mr Musk's new Starlink internet service.

Mr Musk sees the Starlink venture as an important new revenue stream for his California-based company, whose launch service income he expects to top out at around US$3 billion a year.

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At least 12 launches carrying similar payloads are needed to achieve constant internet coverage of most of the world, Mr Musk said. For now, Starlink is only authorised for US operations.

REUTERS