SpaceX Negotiates A Loan With Bank of America To Finance Its Future Projects

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SpaceX, the famous private space company, is currently negotiating a $750 million loan with Bank of America. The company led by Elon Musk has contacted several companies in the leveraged loan market, seeking for financing for some of its future projects.

Initially, SpaceX had been in talks with Goldman Sachs, which came to lead the negotiation with potential investors, but with the financing of less than $500 million. The private space company wants to get money to finance its projects, including the first flight of one of its rockets with two astronauts on board to the International Space Station (ISS), scheduled for June next year.

As we speak, Elon Musk’s SpaceX is valued at 28 billion dollars, and it is one of the most active space companies in the world, as SpaceX has routinely launched and landed rockets for reuse, significantly reducing the cost of space travel. More specifically, the company has carried out a total of sixteen launches of its Falcon 9 rockets, as well as the first test launch of its Falcon Heavy in February this year.

SpaceX Negotiates A Loan With Bank of America To Finance Its Future Projects

On the other hand, the company has been working on the development of a network of satellites specially designed to provide Internet access worldwide, which could become a long-term sustainable revenue stream. Space Exploration Technologies Corporation (better known as SpaceX) is an American private space company founded in 2002 by Elon Musk. Its first mission is to deliver cargo in space and deploy satellites but also aims to fly humans to ISS and even further, to the Moon and Mars.

SpaceX is the manufacturer of Falcon 1 and Falcon 9 rockets, built to be reusable space launch vehicles. SpaceX has also developed the Dragon capsule which was brought into orbit by Falcon 9 launch vehicles. SpaceX is responsible for designing, testing and manufacturing most of the components on its own, including the Merlin, Kestrel and Draco rocket engines.

Initially based in El Segundo, California, SpaceX now operates out of Hawthorne, California.

Vadim Ioan Caraiman

With over seven years of experience in online journalism, Vadim is passionate about everything related to science and the environment. For us, he will thus cover climate, environment, and science news, among others.


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