SpaceX Attracts $1 Billion to Its Coffers amid Flawless Satellite Launches

SpaceX Attracts $1 Billion to Its Coffers amid Flawless Satellite Launches 1

By CCN: Tesla might be in trouble, but Elon Musk’s SpaceX venture is defying all odds.

A CNBC report states that the company has managed to raise more than $1 billion in additional funding year-to-date. The development coincides with 60 satellites SpaceX launched on May 23, which are designed to bring more affordable internet to users everywhere. In all, SpaceX plans to launch a total of roughly 12,000 satellites into the final frontier.

SpaceX Stimulates Imagination

The satellites – which weigh more than 500 pounds each – are designed to be heavy. This allows them to orbit at much lower altitudes, giving clearer and less-expensive internet capabilities to Earth’s receivers. At press time, six more satellites are being prepped for launch this year.

[embedded content]

[youtube https://www.youtube.com/watch?v=-aYkZ5OaRmg?feature=oembed&w=680&h=383]

Exceeding Elon’s Expectations

In a statement released to U.S. News, SpaceX stated that it will no doubt “encounter issues along the way.” Last night’s launch, which was a resounding success, had ultimately experienced a one-week delay following harsh weather conditions.

The $1 billion total the company has brought in exceeds the original $900 million sought by CEO Elon Musk and his team. SpaceX aimed to raise $500 million in January, while a second funding round occurred in April. That round’s projected intake was around $400 million.

In all, Musk says that investor interest in SpaceX and Starlink exceeded his expectations. He’s planning to use any remaining funds to boost production of his next project, Starship. An ambitious goal, to say the least, Starship involves building a giant rocket designed to take both humans and cargo to Mars.

Maybe Musk has seen “Total Recall” too many times. Either way, his projects are coming closer and closer to fruition.

[embedded content]

[youtube https://www.youtube.com/watch?v=w_rgv0cKNq8?feature=oembed&w=680&h=383]

Too Bad Tesla Isn’t at the Same Mark

Sadly, the same can’t be said about Tesla. The electric vehicle maker is working desperately to pull itself out of the gutter. At the time of writing, the stock is down by nearly 3%, and the company has cut back on several expenses, including toilet paper for its employee bathrooms.

How is it that one of Musk’s ventures can be doing so well while the other is wading in the toilet? In the long run, SpaceX appears to be taking its time, whereas Tesla can no longer keep up its previous speeds.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin21,243 0.67 % 9.31 % 11.30 %
Ethereum1,687.0 1.04 % 10.09 % 10.33 %
Tether1.001 0.01 % 0.02 % 0.08 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB284.40 0.94 % 6.48 % 12.13 %
Binance USD1.0000 0.01 % 0.04 % 0.02 %
XRP0.3424 0.05 % 9.87 % 10.14 %
Cardano0.4615 1.53 % 13.11 % 13.20 %
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.06921 1.03 % 10.86 % 2.50 %

bitcoin
Bitcoin (BTC) $ 21,366.00
ethereum
Ethereum (ETH) $ 1,698.44
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 285.52
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.343825
cardano
Cardano (ADA) $ 0.464291
solana
Solana (SOL) $ 37.07
dogecoin
Dogecoin (DOGE) $ 0.069668