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Venture Capital

SpaceX Raises $1 billion, Launches First Satellites

SpaceX has raised $1.02 billion since the beginning of 2019 as it ramps up production for its plan to offer global internet service through a network of thousands of satellites, CNBC reported Friday.

The amount SpaceX raised was more than the $900 million it was seeking in two funding rounds, one in January for $500 million and one in April for $400 million, the report said. CNBC said Gigafund was one of the investors.

CNBC’s report came on the morning after SpaceX, whose CEO is Elon Musk, said it launched the first 60 satellites that will eventually make up the Starlink internet service provider network. When it’s up and running, Starlink’s 12,000 satellites will provide internet connections around the world, the company says.

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