SpaceX Secures Third Funding Round of 2019 to Reach $1.33 Billion
SpaceX raises another $314 million in its third funding round of the year, bringing its 2019 total to $1.33 billion. The Ontario Teachers' Pension Plan leads the investment to support the development of Starlink and Starship.
SpaceX raises an additional $314.2 million in its third funding round of 2019, bringing its total capital raised this year to $1.33 billion. The company sells shares at $214 each, pushing its valuation even higher after reaching $33.3 billion earlier in May. The Ontario Teachers' Pension Plan provides a significant portion of this investment through its newly launched technology fund.
The massive influx of capital supports two highly expensive projects currently underway at Elon Musk's company. The first project is Starlink, an ambitious satellite constellation consisting of nearly 12,000 satellites designed to beam high-speed internet to anywhere on Earth. SpaceX already launches the first batch of 60 Starlink satellites in May and needs substantial funding to scale up production.
The second project requiring financial backing is Starship, a next-generation, fully reusable rocket designed to carry up to 100 people to the moon or Mars. Despite the immense costs of these dual ventures, Musk asserts that the company possesses enough capital to bring the Starlink network to an operational level. Ontario Teachers' views SpaceX as a compelling opportunity due to its proven disruption of the space launch industry and its potential in the satellite broadband market.