Elon Musk Is Raising Rs 3,500 Crore To Launch 400 Satellites For Global Internet Connectivity

Elon Musk has previously talked about how he wants to bring satellite Internet to the entire world. To that end, he's had SpaceX launching microsatellites to form the network for Starlink, as the system is called. However, he might be running short on a little cash.

According to a Wall Street Journal report, SpaceX is attempting to raise $500 million at a valuation of $30.5 billion. At least, that's what unnamed internal sources confided to them. Supposedly that additional capital is to help fund the Starlink project.

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It's not really a surprise though, considering how ambitious the project is. In order to deliver internet to the whole world, SpaceX has to create a network of interlinked geostationary satellites around the globe. To do that, they need to launch about 11,000 satellites into low-earth orbit. And though the company expected it would have 400 in orbit by the end of 2018, they've only launched two prototypes so far.

Musk has previously said that once the first 800 satellites are operational, SpaceX will be able to "provide initial US and international coverage for broadband services. The deployment of the remaining satellites would let it complete global coverage and add capacity around the world.