SpaceX Attracts $1 Billion to Its Coffers amid Flawless Satellite Launches

Elon Musk's SpaceX venture has raised over $1 billion year-to-date, which coincides with 60 satellites successfully launching into low-Earth orbit. | Source: Shutterstock

By Tesla might be in trouble, but Elon Musk’s SpaceX venture is defying all odds.

A CNBC report states that the company has managed to raise more than $1 billion in additional funding year-to-date. The development coincides with 60 satellites SpaceX launched on May 23, which are designed to bring more affordable internet to users everywhere. In all, SpaceX plans to launch a total of roughly 12,000 satellites into the final frontier.

SpaceX Stimulates Imagination

The satellites – which weigh more than 500 pounds each – are designed to be heavy. This allows them to orbit at much lower altitudes, giving clearer and less-expensive internet capabilities to Earth’s receivers. At press time, six more satellites are being prepped for launch this year.

Exceeding Elon’s Expectations

In a statement released to U.S. News, SpaceX stated that it will no doubt “encounter issues along the way.” Last night’s launch, which was a resounding success, had ultimately experienced a one-week delay following harsh weather conditions.

The $1 billion total the company has brought in exceeds the original $900 million sought by CEO Elon Musk and his team. SpaceX aimed to raise $500 million in January, while a second funding round occurred in April. That round’s projected intake was around $400 million.

In all, Musk says that investor interest in SpaceX and Starlink exceeded his expectations. He’s planning to use any remaining funds to boost production of his next project, Starship. An ambitious goal, to say the least, Starship involves building a giant rocket designed to take both humans and cargo to Mars.

Maybe Musk has seen “Total Recall” too many times. Either way, his projects are coming closer and closer to fruition.

Too Bad Tesla Isn’t at the Same Mark

Sadly, the same can’t be said about Tesla. The electric vehicle maker is working desperately to pull itself out of the gutter. At the time of writing, the stock is down by nearly 3%, and the company has cut back on several expenses, including toilet paper for its employee bathrooms.

How is it that one of Musk’s ventures can be doing so well while the other is wading in the toilet? In the long run, SpaceX appears to be taking its time, whereas Tesla can no longer keep up its previous speeds.

Last modified: September 23, 2020 12:44 PM

Nick Marinoff: Nick Marinoff has been covering the cryptocurrency and blockchain space for nearly five years. Among the publications he's worked with are Bitcoin Magazine, News BTC, Bitcoinist and Money & Tech, to name a few.