Elon Musk just secured $507 million in funding to pursue these 3 SpaceX projects

SpaceX recently secured about $507 million in new funding. Based on recent statements, SpaceX will put that cash toward three ambitious projects.

SpaceX's Falcon 9 rocket makes a successful landing. (Photo: NASA)


Elon Musk once asked a venture capitalist who was about to invest in SpaceX if she was ready “to not see a return for 15 years?”

“Of course,” she replied.

This kind of optimistic outlook is hard to come by in the venture capital world, but it seems to be shared by investors worldwide when it comes to SpaceX.

“SpaceX is one of [the most], if not the most, popular pre-IPO tech companies globally,” Robert Hilmer, global head of business development at private market analysis group Equidate, told CNBC. “There is an unlimited amount of funding that the company could probably access globally in private markets.”

Case in point: SpaceX recently secured about $507 million in new funding after issuing 3 million new shares, according to The Information, a publication that covers the technology industry. The new report estimates SpaceX to be valued at $27.5 billion.

What’s SpaceX going to do with all that cash? According to recent statements from Musk and SpaceX President and COO Gwynne Shotwell, the company intends to put the funding toward three ambitious projects.

Starlink

SpaceX’s Starlink project hopes to provide everyone on the planet with access to internet connection–a really, really fast internet connection.

In March, the Federal Communications Commission approved plans for the company to launch 12,000 satellites into orbit that would provide international internet service at, if all goes as planned, a speed of 1 gigabyte per second–about 178 times the current worldwide average.

First two Starlink demo satellites, called Tintin A & B, deployed and communicating to Earth stations pic.twitter.com/TfI53wHEtz

— Elon Musk (@elonmusk) February 22, 2018
Scroll down to load more…