The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Democratic frontrunner Joe Biden on Monday appealed to a billionaire Republican donor for fundraising help in his presidential campaign. But the financier, Trump-supporting...Politicsread more
Facebook and other groups are behind a new programming language for working with the Libra blockchain.Technologyread more
Tesla investors are regaining confidence in a quieter Elon Musk — even as they question the company's ability to hit its production goals for the second quarter.Autosread more
Long-time blockchain technologists say Facebook's Libra digital currency will introduce billions to cryptocurrencies, but the company's problems with trust and privacy remain...Technologyread more
Valisure, an online pharmacy company, told the FDA that high levels of dimethylformamide were found in valsartan, a drug produced by Swiss drugmaker Novartis and other...Health and Scienceread more
SpaceX has raised just over $1 billion in financing since the beginning of the year, a filing seen by CNBC revealed on Friday, as the company seeks backing for its daunting plan to provide internet from a network of thousands of small satellites.
The funds are key, as SpaceX just launched the first full mission of its Starlink satellites on Thursday evening. Starlink is the name of the network SpaceX is building, which, once complete, would consist of 11,943 satellites flying close to the planet in what is called low Earth orbit. Starlink would ultimately be an interconnected internet satellite network, also known as a "constellation," that beams high-speed internet to anywhere on the planet.
SpaceX continues to accelerate its fundraising, as SEC filings indicate the company sought equity rounds of $500 million in January and $400 million in April. CEO Elon Musk had said those rounds were oversubscribed in terms of investor interest.
The filing on Friday, an amendment of the company's April filings, shows that SpaceX did bring in more funding than expected. The company raised $1.02 billion since the beginning of the year – greater than the $900 million it sought across the two rounds. Gigafund, led by Luke Nosek (a PayPal co-founder and SpaceX board member) and Stephen Oskoui, once again invested in the round for SpaceX, people familiar with the fundraising told CNBC.
Last week Musk said SpaceX has "sufficient capital to get to an operational level " for Starlink. Musk further explained that Starlink is how SpaceX expects "to generate revenue that can be used to develop more and more advanced rockets and spaceships."
"We believe we can use the revenue from Starlink to fund Starship," Musk added.
Earlier this year, Musk said SpaceX "has to be incredibly spartan with expenditures" due to Starlink and the company's other "absolutely insane" project, Starship. The latter is the giant rocket SpaceX is building to send humans and cargo to Mars.
Musk said SpaceX launch revenue likely peaks at about $3 billion a year but believes internet service revenue is potentially "more like $30 billion a year."
"Total internet connectivity revenue in the world is about $1 trillion and we think maybe we can access about 3%" with Starlink, Musk added.
The additional funding for SpaceX comes after Musk's Tesla raised $2.7 billion in a stock and bond offering earlier this month. While SpaceX is raising money to fund its growth, Tesla's fund raise came amid Musk's call for employees to take extreme measures to control the electric vehicle maker's costs. Tesla's stock has struggled, dropping over 42% this year and below $200 a share for the first time in nearly three years.
— CNBC's Lora Kolodny contributed to this report.