Tech & Science financing round massively drives up the valuation of Elon Musk's SpaceX

05:15  01 march  2021
05:15  01 march  2021 Source:   finanzen.net

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The space company founded by Tesla boss Elon Musk recently closed a financing round. The value of SpaceX increased enormously in the process.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

• SpaceX is said to have raised a million sum in a financing round

• According to insiders, demand is "insane"

• Starlink satellite division as hopeful

SpaceX is said to have fresh capital in a financing round and have massively increased their rating. That revealed insider of the unlisted group to the US news channel CNBC.

financing round shows "insane demand" for SpaceX

The fresh capital of 850 million US dollars is said to have come together with a price per share of 419.99 US dollars. As CNBC reports, SpaceX's valuation shot up by 60 percent to $ 74 billion compared to the last round of financing. In addition, company insiders and existing investors are said to have parted with SpaceX shares worth $ 750 million in a secondary transaction.

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SpaceX only resorted to part of the available market interest, explained those familiar with the matter. The space company encountered "insane demand" and received offers with a total volume of six billion US dollars within three days.

SpaceX raises money for capital-intensive projects

The new inflow of capital comes while SpaceX is developing two money-consuming projects. Starlink is one of the ambitious projects that focuses on setting up an Internet network based on thousands of satellites. The goal is to deliver high-speed internet to the world. It is estimated that a total of 10 billion US dollars are needed to get Starlink off the ground. However, as the SpaceX executives predict, according to CNBC, the satellite business could bring in up to $ 30 billion annually, ten times the rocket business.

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Another cost-intensive project is the Starship missile. Several prototypes have already been tested in Texas. Most of the short test flights at a height of around 152 meters are said to have been successful. In the two most recent high-altitude flights, despite some development milestones, explosions occurred when attempting to land. In the long term, SpaceX is aiming with Starship to be able to transport up to 100 people and cargo in one tour on a mission to the moon or Mars.

Elon Musk comments on the Starlink IPO

It is already known that SpaceX has ambitions to bring the Starlink satellite business to the stock exchange. Now founder Elon Musk confirmed these plans again: "As soon as we can predict the cash flow reasonably well, Starlink will go public," CNBC quoted the billionaire as saying. But Starlink will presumably have to "go through a deep chasm of negative cash flow over the course of the next year or so."

The public beta phase was initiated three months ago. 1,000 satellites were launched to serve customers from the USA, Canada and Great Britain. The public beta phase is said to have been extended recently. The Starlink service can now be pre-ordered by potential customers for $ 99, according to CNBC. In some pre-order messages, the information for the time of coverage of various areas is said to be mid-to-late 2021 or 2022. In a form submitted to the Federal Communications Commission in late February, Starlink said it already had more than 10,000 users from the United States and abroad .Redaktion finanzen.net

German carmakers examine cooperation with Elon Musk's Starlink - Daimler is now also interested in addition to VW .
Technological progress in the automotive industry is reaching new dimensions. The cabins of the latest car models often resemble the on-board control center of a spaceship and are no longer just a steering wheel and dashboard. Most recently it was said that Volkswagen is planning for the future and would like to connect its autonomous cars to the Internet via satellite.

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