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SpaceX preps second $500M fundraiser as Starlink & Starship make progress
According to regulatory documents seen by Prime Unicorn Index, SpaceX finished a $500M funding round begun in December 2018 and kicked off a second campaign seeking an additional $500M earlier this month.
Altogether, SpaceX appears to be on track to secure $1 billion in fresh capital in the last six months alone, a trend that that may well continue as the company pushes forth into new and capital-intensive phases of Starlink and Starship development. In Boca Chica, a flood of SpaceX engineers and technicians have descended on the area to build the first full-scale steel prototypes of Starship and the major facilities needed to support the vehicles, all from scratch. Across the West Coast of the US, a separate SpaceX team has simultaneously transitioned from prototyping and developing satellites to building a factory to mass-produce them and may be less than six weeks away from launching the first operational batch of Starlink spacecraft.
Giant rockets, giant funding
Both massive, perilous, and largely unprecedented ventures in their own right, Starship (formerly BFR) and Starlink also happen to be extremely capital-intensive, a more or less fundamental consequence of the stages of their development and expansion. Both spent many years in pure research and development phases, tinkering and experimenting with different ideas and technologies on the ground in an effort to conceptualize what exactly their final forms ought to be. This aspect of the BFR program has been extremely visible over the last three years as SpaceX and CEO Elon Musk’s goals underwent continuous semi-annual changes, often intentionally broadcasted to the public in
After appearing to finally settle on the quasi-final form of BFR (renamed to Starship/Super Heavy), SpaceX has actually begun to build and test the first full-scale, integrated prototype of the spacecraft (Starhopper) and is simultaneously building what aims to be the first orbital Starship prototype. At the same time, its propulsion system of choice – known as Raptor – has entered into serial production back at SpaceX’s Hawthorne factory, while also supporting the first Starhopper hop test in early April and preparing to continue separate ground testing.
Thousands of satellites, billions of dollars
In February 2018, SpaceX successfully launched its first Starlink satellites, two prototypes meant to test a bevy of technologies the company was attempting to build (or at least utilize) for the first time. Despite hints and reports of some problems on orbit, SpaceX firmly holds that both satellites were extremely successful in their task of proving out new technologies like electric thrusters and phased-array antennas and are still safely operating today. Just four months after those prototypes launched, CEO Elon Musk took the extraordinary step of flying to Redmond, Washington to personally challenge a number of executives he believed were operating far too sluggishly. According to secondhand reports, many of them refused to expedite the program as Musk wanted them to, resulting in their immediate firings. The challenge that triggered the organizational upheaval: launch the first operational batch of Starlink satellites before the end of June 2019, twelve months away at the time.
Five months after Musk’s challenge, SpaceX submitted a request to the FCC to modify its original Starlink constellation license, halving the orbit of the first thousand or so satellites to 550 km (340 mi) and significantly simplifying the technology on the first several dozen to be launched. As a result of the strategic changes made, SpaceX is already planning to launch its first group of Starlink satellites as early as mid-May, with perhaps one or several additional launches on the books for 2019. To an extent, the first 75 Starlink satellites and their six ground stations will be a nearly full-fidelity second prototype. Instead of a minimalist development platform like Tintin A and B, the first 75 satellites should offer opportunities to actually test the operations of a large constellation of spacecraft while also demonstrating something close to the internet connectivity the full constellation is meant to offer.
Development to production
That SpaceX is attempting to raise huge amounts of capital should come as no surprise. For almost any commercial venture on Earth that is attempting to introduce a real product from nothing, the process of going from concept, design, and testing to building a final product at scale is both extraordinarily difficult and extremely expensive. Tesla famously went through “manufacturing hell” to go from Model 3 prototypes to a mass-producible finished product, while countless other ventures don’t even make it that far (i.e. vaporware). By far the most challenging aspect of this transition is moving from a phase focused predominately on development to one focused predominately on production.
Due to an extremely unorthodox approach to building the first steel Starship and Super Heavy prototypes, quite literally choosing to do so outside and without shelter, the BFR program is probably less extreme for the time being. However, the transformation needed for Starlink to progress is intense, requiring the satellite team to essentially build a factory from scratch and begin mass-producing high-performance satellites as quickly as possible. The 75-satellite buffer should ease the pain a bit and offer a sort of trial run as SpaceX makes that major transition, but the fact remains that an unprecedented number (thousands) of satellites will need to be built and launched at an equally unprecedented pace and cost-per-unit.
The $500M raised since December 2018 will likely be a major help for SpaceX’s often-
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Elon Musk
SpaceX is exploring a “Starlink Phone” for direct-to-device internet services: report
The update was reportedly shared to Reuters by people familiar with the matter.
SpaceX is reportedly exploring new products tied to Starlink, including a potential Starlink-branded phone.
The update was reportedly shared to Reuters by people familiar with the matter.
A possible Starlink Phone
As per Reuters’ sources, SpaceX has reportedly discussed building a mobile device designed to connect directly to the Starlink satellite constellation. Details about the potential device and its possible release are still unclear, however.
SpaceX has dabbled with mobile solutions in the past. The company has partnered with T-Mobile to provide Starlink connectivity to existing smartphones. And last year, SpaceX initiated a $19.6 billion purchase of satellite spectrum from EchoStar.
Elon Musk did acknowledge the idea of a potential mobile device recently on X, writing that a Starlink phone is “not out of the question at some point.” Unlike conventional smartphones, however, Musk described a device that is “optimized purely for running max performance/watt neural nets.”
Starlink and SpaceX’s revenue
Starlink has become SpaceX’s dominant commercial business. Reuters’ sources claimed that the private space company generated roughly $15–$16 billion in revenue last year, with about $8 billion in profit. Starlink is estimated to have accounted for 50% to 80% of SpaceX’s total revenue last year.
SpaceX now operates more than 9,500 Starlink satellites and serves over 9 million users worldwide. About 650 satellites are already dedicated to SpaceX’s direct-to-device initiative, which aims to eventually provide full cellular coverage globally.
Future expansion of Starlink’s mobile capabilities depends heavily on Starship, which is designed to launch larger batches of upgraded Starlink satellites. Musk has stated that each Starship launch carrying Starlink satellites could increase network capacity by “more than 20 times.”
Elon Musk
FCC accepts SpaceX filing for 1 million orbital data center plan
The move formally places SpaceX’s “Orbital Data Center” concept into the FCC’s review process.
The Federal Communications Commission (FCC) has accepted SpaceX’s filing for a new non-geostationary orbit (NGSO) satellite system of up to one million spacecraft and has opened the proposal for public comment.
The move formally places SpaceX’s “Orbital Data Center” concept into the FCC’s review process, marking the first regulatory step for the ambitious space-based computing network.
FCC opens SpaceX’s proposal for comment
In a public notice, the FCC’s Space Bureau stated that it is accepting SpaceX’s application to deploy a new non-geostationary satellite system known as the “SpaceX Orbital Data Center system.” As per the filing, the system would consist of “up to one million satellites” operating at altitudes between 500 and 2,000 kilometers, using optical inter-satellite links for data transmission.
The FCC notice described the proposal as a long-term effort. SpaceX wrote that the system would represent the “first step towards becoming a Kardashev II-level civilization – one that can harness the Sun’s full power.” The satellites would rely heavily on high-bandwidth optical links and conduct telemetry, tracking, and command operations, with traffic routed through space-based laser networks before being sent to authorized ground stations.
FCC Chairman Brendan Carr highlighted the filing in a post on X, noting that the Commission is now seeking public comment on SpaceX’s proposal. Interested parties have until early March to submit comments.
What SpaceX is proposing to build
As per the FCC’s release, SpaceX’s orbital data center system would operate alongside its existing and planned Starlink constellations. The FCC notice noted that the proposed satellites may connect not only with others in the new system, but also with satellites in SpaceX’s first- and second-generation Starlink networks.
The filing also outlined several waiver requests, including exemptions from certain NGSO milestone and surety bond requirements, as well as flexibility in how orbital planes and communication beams are disclosed, as noted in a Benzinga report. SpaceX noted that these waivers are necessary to support the scale and architecture of the proposed system.
As noted in coverage of the filing, the proposal does not represent an immediate deployment plan, but rather a framework for future space-based computing infrastructure. SpaceX has discussed the idea of moving energy-intensive computing, such as AI workloads, into orbit, where continuous solar power and large physical scale could reduce constraints faced on Earth.
Elon Musk
Elon Musk’s Boring Company signs deal to begin Dubai Loop project
The project marks the Boring Company’s first tunneling project outside the United States.
Elon Musk’s Boring Company has signed a definitive agreement with Dubai’s Roads and Transport Authority to begin implementing the Dubai Loop.
The project marks the Boring Company’s first tunneling project outside the United States.
The Boring Company signs Dubai Loop agreement
The Boring Company signed a partnership agreement with Dubai Roads and Transport Authority on the sidelines of the World Governments Summit 2026 to start the implementation of the Dubai Loop, as per the tunneling startup in a blog post.
The agreement was signed on behalf of Dubai RTA by Mattar Al Tayer, director general and chairman of the Board of Executive Directors, and on behalf of The Boring Company by James Fitzgerald, the startup’s global vice president of business development. Senior officials from both organizations were present at the signing ceremony.
The Dubai Loop project is intended to improve passenger mobility in high-density urban areas through underground vehicle tunnels designed for faster construction and lower surface disruption than conventional transport systems.
Pilot route and project scope outlined
The first phase of the Dubai Loop will consist of a 4-mile (6.4 km) pilot route with four stations linking the Dubai International Financial Centre and Dubai Mall. The pilot phase is expected to pave the way for a full network extending up to 14 miles (22.5 km) with 19 stations connecting the Dubai World Trade Centre, the financial district, and Business Bay.
The tunnels will have a diameter of 12 feet (3.6 meters) and will be dedicated to vehicle transport. Construction will rely on tunneling methods designed to reduce costs and minimize disruption to existing infrastructure.
The pilot phase is estimated to cost about $154 million, with delivery expected roughly one year after design work and preparatory activities are completed. The full Dubai Loop network is projected to cost approximately $545 million and would take around three years to implement.
Capacity targets and next steps
Mattar Al Tayer shared his excitement about the project, stating that the Loop system will be a qualitative addition to the city’s transportation system. “The project represents a qualitative addition to Dubai’s transport ecosystem, as it enhances integration between different mobility modes and provides flexible and efficient first- and last-mile solutions.
“Studies have demonstrated the project’s efficiency in terms of capacity and operating costs, with the pilot route expected to serve around 13,000 passengers per day, while the full route is projected to have a total capacity of approximately 30,000 passengers per day,” he said.
Steve Davis, president of The Boring Company, highlighted that the partnership aims to deliver safe and efficient tunneling solutions aligned with Dubai’s long-term mobility strategy.
“We are proud to partner with the Roads and Transport Authority, one of the world’s leading entities in adopting innovative solutions in the transport sector. Through this partnership, we look forward to delivering advanced, safe, and highly efficient tunnelling solutions that support Dubai’s vision for sustainable and future mobility,” Davis stated.
SpaceX is exploring a “Starlink Phone” for direct-to-device internet services: report
FCC accepts SpaceX filing for 1 million orbital data center plan
