Elon Musk's SpaceX set to raise $500 mn: report

Elon Musk's rocket company SpaceX plans to raise $500 million to help launch its satellite internet service, The Wall Street Journal reported Tuesday. SpaceX will garner the funds from existing shareholders and a new investor, Baillie Gifford & Co, a Scottish money management firm that is also a major shareholder in the Musk-led Tesla Motors. The new funding round lifts SpaceX's valuation to $30.5 billion, the newspaper reported.

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