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SFS News: SpaceX Receives $20 Million Investment from ...

Posted by: Klaus Schmidt - Tue Aug 05, 2008 7:40 am
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SFS News: SpaceX Receives $20 Million Investment from ... 
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Post SFS News: SpaceX Receives $20 Million Investment from ...   Posted on: Tue Aug 05, 2008 7:40 am
Hawthorne CA - (SpaceX) - SpaceX, a privately-held space launch services provider, has received a $20 million equity investment from Founders Fund, a leading technology venture capital firm, headquartered in San Francisco.

SpaceX joins Founders Fund's existing portfolio, which includes Facebook, Powerset, Slide and Quantcast. Managing Partner Luke Nosek will join the SpaceX board as part of the financing.

“Founders Fund has a track record of investing in companies with the potential to revolutionize industries. We are pleased to be included in their portfolio and welcome Luke Nosek to our Board,â€


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Post    Posted on: Wed Aug 06, 2008 1:05 pm
The article "PayPal Co-Founders Invest $20 Million in SpaceX " ( www.space.com/missionlaunches/080805-sn ... aypal.html ) mentions that
Quote:
In his message, Musk said he had accepted the investment "as a precautionary measure to guard against the possibility of flight 3 not reaching orbit." Musk did not quantify the investment or identify the investor in that message, but said the money, combined with existing cash reserves, would enable SpaceX to continue launching Falcon 1 while developing the larger Falcon 9 rocket along with Dragon,...


I am wondering if this is indicating that the money from Founders Fund is required really. The reason is that he is speaking of SpaceX being enabled by the money to launch additional Falcons. $ 20 mio are just a bit less than the costs of three launches. This may mean that a few customers delay payments for launches or that alternatively that a SpaceX-internal limit for depreciations forced by losses of Falcons 1 is achieved-

This is inteesting for quite another thread. Possible also might be a cash or a Cash Flow problem perhaps.



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Post    Posted on: Wed Aug 06, 2008 3:06 pm
I think it's more like a reserve if unforseen expenses or income losses occur. Perhaps missing a date regarding COTS due to the launch failure.

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Post    Posted on: Sat Aug 09, 2008 11:56 am
The next launch now will be no regular flight but an additional test flight obviously:

Quote:
That launch will now be a demonstration launch, Musk said, since SpaceX had previously promised to its next customer, the Malaysian space agency, that it would prove Falcon 1's ability to reach orbit before attempting to launch the company's Razaksat spacecraft.
("SpaceX Traces Third Rocket Failure to Timing Error", .space.com/news/080806-spacex-falcon1-update.html ).

This requires extra money because the launch has no customer paying for it. If SpaceX for any reason didn't cover that by their investment budget this might be the reason why they got money from Founders Fund.

But that's speculation of course at this moment.



Dipl.-Volkswirt (bdvb) Augustin (Political Economist)


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