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Report: Musk's SpaceX raising $500M to help fund internet service

Elon Musk's Space Exploration Technologies Corp. is raising $500 million at a valuation of $30.5 billion in order to help fund its internet service business, Starlink, the Wall Street Journal reported, citing people familiar with the fundraising.

The new funding round includes existing SpaceX shareholders and new investor Baillie Gifford & Co., which also owns an approximately 7.6% stake in another Musk-led company, Tesla Inc. While SpaceX has agreed on the financing terms, the California-based space company has yet to receive the money, according to the report.

SpaceX last month raised $250 million through a high-yield loan sale. The company was valued at about $28 billion when it completed a financing round in April.