SpaceX is reportedly aiming to raise $500 million from investors to fund its ambitious satellite broadband network.
The proposed funding round would value the company at about $30.5 billion. According to The Wall Street Journal, existing shareholders have agreed to purchase new shares at $186 each.
SpaceX has not yet received the funds, but the deal is expected to be announced by the end of December.
Earlier this year, SpaceX received authorization to deploy 4,425 low-Earth-orbit satellites to advance its global broadband plans. Last month the company received additional approval from the Federal Communications Commission for another 7,518 broadband satellites.
In its most recent filing, SpaceX requested that part of the new batch be operated at a lower altitude for two main reasons:
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Improved performance – Operating closer to Earth reduces signal latency and increases capacity. SpaceX estimates latency could fall to around 25 milliseconds, comparable to many fiber connections.
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Lower debris risk – The company asked for 1,584 of the new satellites to be authorized to operate at about 550 kilometers instead of the 1,110–1,325 km range planned for others. Placing satellites at lower altitude can achieve the same coverage with fewer satellites and allows them to deorbit more quickly at end of life, reducing long-term debris risk.
With the recently approved launches, SpaceX would have a total of 11,943 satellites in orbit as part of its planned constellation.
The rollout of SpaceX’s satellite broadband program has faced challenges. Earlier this month, reports indicated CEO Elon Musk dismissed several executives amid concerns about perceived lack of progress.
(Image Credit: Photo by Dan Taylor/Heisenberg Media — CC BY 2.0)
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