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SpaceX closes out 2021 with $1.85 billion in new funding
On the eve of the last day of 2021, SEC filings show that SpaceX has secured another $337 million, bringing the total funding the company has raised this year to approximately $1.85 billion.
While there’s evidence that SpaceX’s Falcon and Dragon launch business is easily profitable on its own, the company has been simultaneously developing a next-generation rocket (Starship) and an unprecedentedly ambitious internet satellite constellation (Starlink) for at least the last 5-6 years. Additionally, SpaceX developed Falcon booster reusability and Falcon Heavy entirely on its own at a total cost of at least $1-2 billion. In short, rocket development is incredibly expensive, and adding a far more ambitious rocket and an immense satellite constellation into the mix has created an insatiable demand for fresh capital.
Investors have been more than eager to satisfy that demand, practically chomping at the bit to buy SpaceX equity or debt over the last six years. Since 2015, SpaceX has raised an average of more than $1B per year for the last seven years.
That funding has accomplished a great deal. As of the end of 2021, SpaceX has built and launched 1869 operational Starlink satellites in 25 months, more than 1750 of which are still in orbit and working. SpaceX has also built hundreds of thousands of ‘user terminals’ – dishes and WiFi routers that currently connect more than 150,000 subscribers to the internet even while the service remains in beta.
Starship, while somewhat behind its CEO’s optimistic schedules, continues to march towards its first spaceflight and orbital-velocity launch attempt – possibly in the first half of 2022. With help from its Hawthorne, CA headquarters, SpaceX’s Starbase factory continues to churn out Starship, Super Heavy booster, and test tank prototypes and appears to be ramping back up after six or so months of relative quiet. Having produced approximately 150 Raptor 1 and Raptor 1.5 engines in the last two years, Hawthorne is now focused on ramping up production of Raptor 2 – an upgraded engine variant capable of producing up to 25% more thrust while, in theory, being far cheaper to produce.
In about 12 months, SpaceX has also built – from nothing – an orbital launch site on the verge of being ready to support the first test flights of the largest, heaviest, and most powerful rocket ever built. To accommodate the massive vehicle, SpaceX has also nearly completed the largest cryogenic tank farm ever built for a launch site and partially filled at least four or five of its seven cryogenic storage tanks. Alongside that tank farm, the company has more or less completed a skyscraper-sized launch tower and outfitted it with three giant, moving arms – two of which are designed to stack Starship on Super Heavy and, maybe one day, catch ships and boosters out of mid-air.
According to a company-wide email CEO Elon Musk recently wrote but subsequently downplayed on Twitter, SpaceX’s financial health could be heavily dependent on the successful start and expansion of Raptor 2 production to enable Starship to begin launching new and much-improved Starlink V2.0 satellites. Those satellites are several times larger than V1.0 or V1.5 spacecraft, apparently making it hard or impossible for Falcon 9 to cost-effectively launch them.
On top of building and activating new factories capable of producing millions of Starlink user terminals per year, completing the first phase of orbital Starship development, ramping up Raptor 2 production, starting to build a fleet of operational Starships and Super Heavy boosters, continuing Falcon 9 Starlink V1.5 launches, and simultaneously building or completing no less than three orbital Starship launch sites in Florida and Texas, SpaceX thus also apparently needs to complete Starlink V2.0 satellite development and effectively build one or several entirely new production lines to start producing the substantially different spacecraft.
A large portion of SpaceX’s 2021 funding – especially the ~$337M raised in the last two weeks – will likely help support a portion of all those development efforts next year.
Tesla has apparently revised the policy it previously had listed for Full Self-Driving transfers on the newest All-Wheel-Drive Cybertruck that the company had sold for a steal price of just $59,000 earlier this year.
After initially stating that customers who bought the pickup would be able to transfer FSD purchases, Tesla recently changed the language in those terms and conditions to reflect that this would no longer be the case.
Tesla launches new Cybertruck trim with more features than ever for a low price
The adjustment in terminology has caused a handful of orderers to cancel their reservations due to the loss of FSD transfer:
Just cancelled my 59k CT order today. My screenshot from that day of order (feb 20th) clearly shows that it would be eligible.
Terms were retroactively modified. Our 2020 Y and 2023 S are just fine for now. pic.twitter.com/D9PFnId1B4
— Ryan Scanlan 👥 (@Xenius) June 8, 2026
Tesla said orders for the new Cybertruck AWD must be placed by March 31, 2026, to qualify for the FSD transfer. The language in the document from earlier this year explicitly states that they “may qualify” for the transfer program, but the date of March 31 is explicitly mentioned.
Additionally, Tesla Delivery Advisors reached out to some orderers of the AWD Cybertruck, who were told there was “an update to the eligibility of the Full Self-Driving (Supervised) transfer.” Tesla stated they could:
- proceed without the transfer,
- upgrade to a Premium or Cyberbeast trim and request an FSD Transfer
- cancel the order and be refunded the $250 order fee.
Tesla turning around and changing these terms will undoubtedly result in a handful of cancellations on the part of those who have placed an order for this truck. They could pay $99 per month for an FSD subscription, which is now the only option available, but having purchased the suite outright on another vehicle and being told the transfer policy would be upheld, only to have it cancelled, is a tough pill to swallow.
These moves were also made by Tesla just before deliveries were set to begin on the Cybertruck AWD configuration. Reservation holders have started receiving VINs for their trucks, and Tesla is preparing to hand over the first units.
It’s a disappointing move from Tesla that will undoubtedly make some of its fans who have bought the truck frustrated.
In the world of autonomous ride-hailing, there are only a handful of names. Among those few companies lies a strategy play by each to keep the opposition on their toes. Tesla, on the other hand, already tipped its hand at where it is headed next.
Tesla has signaled its next major push in the autonomous ride-hailing market by filing for an Autonomous Vehicle Network Company permit in Nevada (Docket 26-05015). Through Tesla Robotaxi, LLC, the company seeks approval to operate up to 5,000 robotaxis in Clark County, including high-traffic areas like Las Vegas and Henderson airports, within the first 12 months of launch.
This filing builds on Tesla’s earlier testing approvals from the Nevada DMV in September 2025 and preparations such as maintenance hubs in the Las Vegas area. Nevada represents a strategic expansion into a major tourist destination, where high visitor volumes could drive strong utilization and showcase the reliability of unsupervised autonomy to a broad audience.
We’d have to assume this means Tesla is targeting Las Vegas, and it’s a great move from a business perspective.
Vegas is such a melting pot of people from all around the country and the world. It will expose people from all corners of the globe to Tesla’s autonomy capabilities https://t.co/Qz3fQmhULF pic.twitter.com/Du5pj2RyWC
— TESLARATI (@Teslarati) June 6, 2026
Approval would mark a significant step toward commercial operations in a new state, following progress in Texas.
Tesla’s shareholder decks and earnings calls have clearly outlined these ambitions. In the Q4 2025 shareholder deck, the company listed planned Robotaxi coverage for the first half of 2026, explicitly naming Las Vegas alongside Phoenix, Miami, Orlando, and Tampa, with Dallas and Houston already advancing. Austin was noted as “ramping unsupervised,” while the Bay Area remained in safety-driver mode.
By Q1 2026, the deck updated statuses to reflect launches in Dallas and Houston, with “preparations underway” for the remaining cities, including Las Vegas. Paid Robotaxi miles nearly doubled sequentially in Q1, underscoring momentum even as broader timelines adjusted slightly for regulatory and operational readiness.
On earnings calls, CEO Elon Musk and executives have emphasized a phased rollout prioritizing safety. Unsupervised operations in Texas have shown strong results with no reported accidents or injuries in the program. Tesla continues groundwork in additional major U.S. metros through testing and permitting, positioning it to scale quickly once approvals clear.
This Nevada move aligns with Tesla’s vision of transforming from an EV maker into an AI and robotics leader. The forthcoming Cybercab, which started production at Giga Texas in April, is expected to eventually dominate the fleet, replacing many Model Y vehicles and driving down costs to enable affordable rides.
For investors and the industry, this signals Tesla’s intent to dominate key Sun Belt and tourist markets where weather, regulations, and demand favor rapid scaling. Success in Las Vegas could validate the model for denser urban and high-tourism environments, accelerating the shift toward a future where robotaxis generate meaningful revenue.
Las Vegas will also expand knowledge among the general public at Tesla’s capabilities, helping people experience driverless ride-hailing from several companies during their time on The Strip.
Investor's Corner
Tesla just did something in South Korea that no foreign carmaker has ever done
Tesla’s Model Y just became South Korea’s best-selling car, beating every domestic model in May.
Tesla did something last month that no foreign car has ever done in South Korea by outselling every vehicle in the country, domestic or imported, finishing the month with Model Y as the single best-selling car across the entire Korean market. According to data from the Korea Automobile Importers and Distributors Association released on June 4, the Model Y recorded 8,762 units sold in May, pushing the Kia Sorento into second place at 7,836 units and the Hyundai Grandeur into third at 5,183 units. It is the first time an imported vehicle has outsold every domestic model on a single-month basis.
Tesla imported 10,866 cars into South Korea in May, making it the top import brand for the fourth consecutive month. BMW followed at 6,555 units, less than two-thirds of Tesla’s total, while BYD registered just 1,032 units. The combined domestic sales of GM Korea, Renault Korea, and KG Mobility last month totaled just 7,019 units, meaning a single Tesla model outsold three Korean automakers combined.
Tesla FSD earns high praise in South Korea’s real-world autonomous driving test
South Korea has historically been one of the hardest markets for foreign automakers to crack. Hyundai and Kia together control close to 70% of the overall market and carry deep consumer loyalty built over decades. Tesla’s path into this market was an uphill battle due to high import duties, limited service infrastructure, and early skepticism about charging networks. In 2024, the Model Y was the best-selling imported car in South Korea with 18,717 units for the full year. By 2025, after the Juniper refresh, it cleared 50,000 units and took the top spot among all EVs.
Year to date, Tesla has a 250.8% increase in the country over the same period last year, and now holds a 30.8% share of the entire imported car segment for 2026. EVs as a category represented 48.6% of all imported passenger car registrations in May. As Teslarati has reported, the Juniper refresh brought meaningful improvements to range, interior quality, and ride refinement that addressed the most common criticisms of earlier Model Y versions. Those upgrades appear to be resonating in markets like South Korea where buyers compare Tesla directly against high end domestic competitors.
Tesla revises FSD transfer policy on new Cybertruck trim, causing cancellations
Tesla tipped its hand at where Robotaxi is heading next
