Elon Musk, flushed with the stock market success of his Tesla vehicle business, is seeking to raise more cash. This time the cash would go to SpaceX.
This fund-raising would be the N-series and Musk, according to Bloomberg, wants at least $500 million and possibly $1 billion which would give his rocket-launching business a valuation of some $44 billion.
The reports suggest that SpaceX will use the extra cash to make his Starlink mega-constellation operational. Musk has said that a preliminary ‘beta’ test-service would be introduced for the northern regions of North America this summer.
SpaceX is making no secret of its ambitions which is to target a potential $1 trillion addressable market and which would supply broadband to almost any location on the planet as well as to maritime and aeronautical customers.
Various reports say that this extra cash will be raised in the form of new shares, priced at $270 per share.
Earlier this year SpaceX raised some $346 million according to an SEC filing made on May 26th. Those shares were priced at $220 each. Reportedly, SpaceX has raised a total of some $3.5 billion to date.
SpaceX has launched more than 450 Starling satellites and another 57 will launch within days.