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Musk's SpaceX raised over $1 billion in six months: Filings

A close-up of SpaceX's Falcon Heavy rocket during launch.

Billionaire entrepreneur Elon Musk's SpaceX has raised more than $1 billion in financing in the last six months as it aims to roll out an ambitious high-speed internet service by using a constellation of satellites to beam signals from space.

The company raised $486.2 million in an equity offering, starting December, and another $535.7 million in an offering that began in April, its regulatory filings on Friday showed.

The rocket company on Thursday launched the first batch of 60 small satellites into low-Earth orbit for Musk's new Starlink internet service.

Musk sees the Starlink venture as an important new revenue stream for his California-based company, whose launch service income he expects to top out at around $3 billion a year.

At least 12 launches carrying similar payloads are needed to achieve constant internet coverage of most of the world, Musk said. For now, Starlink is only authorized for U.S. operations.

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US Economy

Increasing tariffs on China will likely hurt US growth, says Nomura

Key Points
  • Imposing 25% tariff on all Chinese goods that enter American borders will likely hurt U.S. economic growth, said Lewis Alexander, chief U.S. economist at Nomura.
  • Those tariff increases could also cause core inflation in the U.S. to tick up by 0.5 percentage point over the next 12 months, Alexander said.
  • U.S. President Donald Trump claims that tariffs have meant China is paying billions of dollars that ultimately boost the American economy. Economists say that isn't the case.