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SpaceX closes second billion-dollar funding round in eight months
Updated SEC documents show that the appetites of SpaceX’s investors weren’t quite sated after a February 2021 round of funding, leading the company to expand the offering and raise another ~$300 million.
Bumping the round’s proceeds from approximately $850 million to more than $1.16 billion, the second offering means that it’s now the third time in SpaceX history that a single round of funding has brought in more than $1B. In the midst of unprecedentedly capital-intensive investments into Starlink user terminal manufacturing and satellite production and launch, as well as an extremely aggressive Starship flight test program, the latest investment is par for the course during a prolific period of fundraising at SpaceX.
Around the end of February 2021, industry reports (later confirmed by an SEC filing) stated that SpaceX – on top of allowing shareholders to sell as much as $750M back to the company – raised nearly $850M in equity funding. Aside from raising the company’s valuation to $74B at a share price just shy of $420, insiders also reported that demand for SpaceX equity soared past $6B in the single week the round was open.
Two months later, an amended SEC filing shows that SpaceX expanded that round’s offering, adding another 30 investors and $315M for a total of $1.16B. The company’s need for capital has almost certainly never been higher, making the latest bump less than surprising. In the last ~18 months, SpaceX has built and launched some 1380 operational Starlink v1.0 satellites on 23 separate Falcon 9 missions.
Based on public information, each of those launches likely costs SpaceX at least $30M including 60 Starlink satellites, an expendable Falcon upper stage, recovery fleet operations, and rocket propellant – equating to roughly $700M for all 23 operational launches. Relative to prospective competitors like OneWeb, SpaceX’s costs are almost unbelievably low, but the company still needs substantial external funding to support its ambitious launch cadence and get Starlink operational and profitable as quickly as possible.
Meanwhile, SpaceX’s circa 2021 Starship program likely spends more than $100M annually on payroll alone, with at least as much going into major construction projects and prototype production as the company works towards an extraordinarily ambitious summer 2021 target for the rocket’s first orbital launch. All told, at least for the time being, SpaceX needs a ton of funding to support its ambitions beyond an already-healthy satellite, cargo, and crew launch business, and investors appear to still be frothing at the mouth to send SpaceX their money.
As of today’s SEC filing, of the $6.2 billion SpaceX has raised through 15 separate offerings spread over the last 19 years, nearly half of all that funding ($3.06B) has come from just two rounds closed in the last eight months.
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Tesla FSD fleet is nearing 7 billion total miles, including 2.5 billion city miles
As can be seen on Tesla’s official FSD webpage, vehicles equipped with the system have now navigated over 6.99 billion miles.
Tesla’s Full Self-Driving (Supervised) fleet is closing in on almost 7 billion total miles driven, as per data posted by the company on its official FSD webpage.
These figures hint at the massive scale of data fueling Tesla’s rapid FSD improvements, which have been quite notable as of late.
FSD mileage milestones
As can be seen on Tesla’s official FSD webpage, vehicles equipped with the system have now navigated over 6.99 billion miles. Tesla owner and avid FSD tester Whole Mars Catalog also shared a screenshot indicating that from the nearly 7 billion miles traveled by the FSD fleet, more than 2.5 billion miles were driven inside cities.
City miles are particularly valuable for complex urban scenarios like unprotected turns, pedestrian interactions, and traffic lights. This is also the difference-maker for FSD, as only complex solutions, such as Waymo’s self-driving taxis, operate similarly on inner-city streets. And even then, incidents such as the San Francisco blackouts have proven challenging for sensor-rich vehicles like Waymos.
Tesla’s data edge
Tesla has a number of advantages in the autonomous vehicle sector, one of which is the size of its fleet and the number of vehicles training FSD on real-world roads. Tesla’s nearly 7 billion FSD miles then allow the company to roll out updates that make its vehicles behave like they are being driven by experienced drivers, even if they are operating on their own.
So notable are Tesla’s improvements to FSD that NVIDIA Director of Robotics Jim Fan, after experiencing FSD v14, noted that the system is the first AI that passes what he described as a “Physical Turing Test.”
“Despite knowing exactly how robot learning works, I still find it magical watching the steering wheel turn by itself. First it feels surreal, next it becomes routine. Then, like the smartphone, taking it away actively hurts. This is how humanity gets rewired and glued to god-like technologies,” Fan wrote in a post on X.
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Tesla starts showing how FSD will change lives in Europe
Local officials tested the system on narrow country roads and were impressed by FSD’s smooth, human-like driving, with some calling the service a game-changer for everyday life in areas that are far from urban centers.
Tesla has launched Europe’s first public shuttle service using Full Self-Driving (Supervised) in the rural Eifelkreis Bitburg-Prüm region of Germany, demonstrating how the technology can restore independence and mobility for people who struggle with limited transport options.
Local officials tested the system on narrow country roads and were impressed by FSD’s smooth, human-like driving, with some calling the service a game-changer for everyday life in areas that are far from urban centers.
Officials see real impact on rural residents
Arzfeld Mayor Johannes Kuhl and District Administrator Andreas Kruppert personally tested the Tesla shuttle service. This allowed them to see just how well FSD navigated winding lanes and rural roads confidently. Kruppert said, “Autonomous driving sounds like science fiction to many, but we simply see here that it works totally well in rural regions too.” Kuhl, for his part, also noted that FSD “feels like a very experienced driver.”
The pilot complements the area’s “Citizen Bus” program, which provides on-demand rides for elderly residents who can no longer drive themselves. Tesla Europe shared a video of a demonstration of the service, highlighting how FSD gives people their freedom back, even in places where public transport is not as prevalent.
What the Ministry for Economic Affairs and Transport says
Rhineland-Palatinate’s Minister Daniela Schmitt supported the project, praising the collaboration that made this “first of its kind in Europe” possible. As per the ministry, the rural rollout for the service shows FSD’s potential beyond major cities, and it delivers tangible benefits like grocery runs, doctor visits, and social connections for isolated residents.
“Reliable and flexible mobility is especially vital in rural areas. With the launch of a shuttle service using self-driving vehicles (FSD supervised) by Tesla in the Eifelkreis Bitburg-Prüm, an innovative pilot project is now getting underway that complements local community bus services. It is the first project of its kind in Europe.
“The result is a real gain for rural mobility: greater accessibility, more flexibility and tangible benefits for everyday life. A strong signal for innovation, cooperation and future-oriented mobility beyond urban centers,” the ministry wrote in a LinkedIn post.
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Tesla China quietly posts Robotaxi-related job listing
Tesla China is currently seeking a Low Voltage Electrical Engineer to work on circuit board design for the company’s autonomous vehicles.
Tesla has posted a new job listing in Shanghai explicitly tied to its Robotaxi program, fueling speculation that the company is preparing to launch its dedicated autonomous ride-hailing service in China.
As noted in the listing, Tesla China is currently seeking a Low Voltage Electrical Engineer to work on circuit board design for the company’s autonomous vehicles.
Robotaxi-specific role
The listing, which was shared on social media platform X by industry watcher @tslaming, suggested that Tesla China is looking to fill the role urgently. The job listing itself specifically mentions that the person hired for the role will be working on the Low Voltage Hardware team, which would design the circuit boards that would serve as the nervous system of the Robotaxi.
Key tasks for the role, as indicated in the job listing, include collaboration with PCB layout, firmware, mechanical, program management, and validation teams, among other responsibilities. The role is based in Shanghai.
China Robotaxi launch
China represents a massive potential market for robotaxis, with its dense urban centers and supportive policies in select cities. Tesla has limited permission to roll out FSD in the country, though despite this, its vehicles have been hailed as among the best in the market when it comes to autonomous features. So far, at least, it appears that China supports Tesla’s FSD and Robotaxi rollout.
This was hinted at in November, when Tesla brought the Cybercab to the 8th China International Import Expo (CIIE) in Shanghai, marking the first time that the autonomous two-seater was brought to the Asia-Pacific region. The vehicle, despite not having a release date in China, received a significant amount of interest among the event’s attendees.
Tesla FSD fleet is nearing 7 billion total miles, including 2.5 billion city miles
Tesla starts showing how FSD will change lives in Europe
