Musk's SpaceX raises $850 million, now valued at $74 billion

The influx of $850 million will be used to keep the cash-intensive Starlink and Starship projects going. Starlink is a satellite network project which will provide high-speed internet to customers. With 1,000 satellites in space, a beta program is already underway.

SpaceX estimates the project will cost $10 billion to build, but has the potential to earn $30 billion in revenues each year.

SpaceX's other cash-guzzling project is the Starship rocket. The project aims to develop a reusable rocket that can send up to 100 people at a time to the Moon and Mars.

Notably, Starship's prototypes have been successfully launched and landed multiple times after short flights. However, just recently two high-altitude prototypes exploded upon landing. SpaceX will attempt another test flight in the coming weeks.

Although Starlink has over 10,000 users already, the project will not turn profitable anytime soon. Naturally, critics have called his $30 billion revenue estimate "optimistic". Similarly, the exploding Starships are a long way from readiness for commercial flight as Musk intends.

Nevertheless, the maverick CEO has tweeted his plans to announce a Starlink IPO once the revenue streams are steady.