SpaceX has raised a reported $500 million in fresh funding. One portion of the cash injection comes from Scotland-based investment management firm Baillie Gifford. Baillie Gifford is also the largest investor (7 per cent, and worth some $4.6 billion) in Musk’s Tesla electric car business.

The fresh cash places a market value on SpaceX of some $30 billion. SpaceX is not publicly quoted.

This latest move, around the 17th cash-raising exercise made by SpaceX, is reported by the Wall Street Journal as likely to close by year-end.

Baillie Gifford is also an investor in Amazon, Alibaba, Facebook, Baidu and Alphabet/Google.

It is reported that the extra funds will go to help Elon Musk bring his Starlink broadband by satellite project to fruition.

Investment bank Morgan Stanley says that – if Starlink is successful – it will help drive SpaceX’s valuation to more than $50 billion.

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