Elon Musk SpaceX
Credits: Wikimedia Commons

While Tesla might be the biggest automobile maker in the world, and the biggest reason behind Elon Musk’s rise to the top of the top, it’s SpaceX that has the heart of the world’s richest man. Musk has hinted, on numerous occasions, that his goal is to set up a colony on Mars, and all his business endeavors are a way to fuel this mission. Going by that, it’s no wonder that Musk is paying the most attention to SpaceX, a fact which is further confirmed by today’s announcement. According to regulatory filings, SpaceX has raised $1.16 billion in an equity financing over a course of two months.

This does not come as a surprise at all. A company that is building a globe spanning constellation, launching multiple satellite missions every month, and developing the vehicle for inter planetary travel must have a lot of expenses to handle, even for someone like Elon Musk.

In fact, the company recently raised $850mn, which was confirmed by an SEC filing which was filed in February this year.

The company has several different missions in the pipeline, even though it has already completed its first manned mission. However, if you know Elon Musk, you know that he is not a ‘chill-out’ guy (the guy tweeted ‘Well, back to work.’ after receiving the news that he became the richest guy on the planet). His company is currently working on Starlink, a constellation of satellites that will provide internet to every corner of the world over the coming years.

Moreover, it is also building Starship prototypes regularly, and even though the last 3 tests did not go as planned, Musk stays optimistic. In fact, he said that SpaceX will be landing its Starship rockets on Mars well before 2030. I don’t know about you, but when Musk is this confident about something, I don’t argue.

Thus, this new funding will probably go towards funding all the company’s ongoing projects, as so far, it has no real source of revenue.