elon musk's spacex
Technology - December 30, 2021

Elon Musk’s SpaceX Raises over $337 million in Equity Funding

Elon Musk launched SpaceX in 2002 with the intention of transforming the aerospace sector by cutting space transportation costs.

According to a regulatory filing released on Wednesday, Elon Musk’s SpaceX, a rocket company, has raised $337.4 million in equity funding.

In April Elon Musk’s SpaceX also raised $1.16 billion in equity financing. While in October the company reached a valuation of $100 billion following a secondary share offering, with Alphabet and Fidelity Investments among its investors. 

Things to know about SpaceX

Elon Musk launched SpaceX in 2002 with the intention of transforming the aerospace sector by cutting space transportation costs.

Musk first funded SpaceX with his own money, but after acquiring enough experience, he was able to acquire millions of dollars in funding from NASA to develop rockets and spacecraft, as well as carry cargo to the International Space Station. NASA awarded SpaceX a contract in 2012 to construct a replacement for the space shuttle that would deliver astronauts into orbit.

SpaceX manufactures the Falcon 9 and Falcon Heavy launch vehicles, as well as several rocket engines, the Dragon cargo and crew spacecraft, and the Starlink communications satellites.

As one of the first private corporations to launch and return a spacecraft to Earth orbit, as well as the first private business to launch and dock a crewed spacecraft with the International Space Station (ISS).

Elon Musk, who also owns futuristic companies like Telsa, Neuralink, and Boring Co, predicted earlier this year that SpaceX’s Starship rockets would land on Mars well before 2030.

For the National Aeronautics and Space Administration, SpaceX has already launched multiple cargo packages and humans to the International Space Station.

In the increasing constellation of commercial rocket companies, the company competes with former Amazon CEO Jeff Bezos’ space enterprise Blue Origin and billionaire Richard Branson’s Virgin Galactic. Civilians have been successfully launched into space by all three rocket firms.

By 2040, Morgan Stanley estimates that the space industry will be worth $1 trillion.

 

READ MORE: How Elon Musk’s Tesla Jumped to a $1 Trillion Market Cap

Leave a Reply