SpaceX has secured $1.9 billion in new funding according to an SEC filing with the company on Tuesday — which was initially reported by Reuters.
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SpaceX secures $1.9 billion in new funding
This comes on the heels of an earlier report from Bloomberg, which placed SpaceX's valuation at $46 billion after this raise, reports Tech Crunch. Today also marks Elon Musk's rise to the rank of the fourth richest person in the world, with his fortune rising an astounding $57.2 billion in 2020 alone.
This latest funding round for the private company SpaceX comes as no surprise to most — under CEO and founder Elon Musk's leadership, the private launch company has sought funding since early in 2020, but last week Bloomberg reported it had increased the size of the desired investment due to high demand in its investment community.
UPDATE August 18, 1:50 PM EDT: SpaceX in better standing to seek substantial resources
This latest funding round was reportedly oversubscribed, but as of writing, there's not much to say about who participated in it. Bloomberg's report suggests Fidelity Investments was among the largest to opt-in, but this remains unconfirmed as of writing.
SpaceX could be in better standing than ever to seek substantial resources from investors, in light of its repeated series of high-profile successes reported.
These resources include completing the first launch of American astronauts from U.S. soil in nearly a decade — which was also the first-ever private human spaceflight mission to lift-off domestically. Called Demo-2, this historic mission launched from Florida this May and successfully returned the same astronauts it launched to the planet earlier this month after a two-month stay on the International Space Station (ISS).
This is significant because it told the world that SpaceX possesses the capability to supply transportation to and from the ISS with regularity — moving the company closer to offering commercial spaceflight services for private tourists, scientists, and more.
UPDATE August 18, 2:06 PM EDT: SpaceX's Starlink satellite program contracted for launch services later in 2020
SpaceX is also moving forward with its Starlink spacecraft development program — having successfully completed a short test flight of the prototype constellation this month, and winning several multi-year contracts from the U.S. government and NASA for launch services later this year.
For now, SpaceX is in a capital-intensive phase: Deploying the Starlink, the unprecedented satellite constellation with aims offer commercial and residential broadband internet services to people in hard-to-reach or remote areas once active. This morning, SpaceX launched 58 additional Starlink satellites — but it has a long way to go before the company achieves worldwide coverage.
As Elon Musk climbs the ranks of the top-five billionaires in the world, his company SpaceX is also growing in practically every dimension of its industry — becoming the envy of rival companies, and popular rideshare for others. Those of us who just want a trip to space will just have to hope the final price to space is feasible.