SpaceX Raising $500 Million To Help Build Its 'Starlink' Satellite Broadband Network

According to the Wall Street Journal, SpaceX is raising a $500 million round of fundraising to help build its massive satellite internet project, called Starlink. 'The new funding puts SpaceX's valuation at $30.5 billion,' reports CNBC. 'The report says the capital comes from existing shareholders as well as new investor Baillie Gifford, a Scottish investment firm.' From the report: Starlink -- a name SpaceX filed to trademark last year -- is an ambition unmatched by any current satellite network. The company is attempting to build its own constellation of 4,425 broadband satellites, with another 7,518 satellites to come after. SpaceX will begin launching the constellation in 2019. The system will be operational once at least 800 satellites are deployed. Starlink would offer broadband speeds comparable to fiber optic networks.The satellites would provide direct-to-consumer wireless connections, rather the present system's redistribution of signals, transforming a traditionally high-cost, low reliability service.

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