(Reuters) - 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 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.
Reporting by Akanksha Rana in Bengaluru; Editing by Anil D'Silva