SpaceX received $500 million of the nearly $1 billion in investment raised by commercial space companies during the first quarter of 2018, according to the Space Investment Quarterly report from Space Angels.
“SpaceX shows no signs of slowing down—after the inaugural flight of the Falcon Heavy, the company secured $500 million from Fidelity Investments to drive development of their satellite communications network, Starlink,” the report added.
Japanese materials maker Toray Industries has agreed to supply carbon fiber to U.S. startup SpaceX for use in the bodies of rockets and space vehicles.
The multiyear deal with Tesla founder Elon Musk’s 14-year-old venture is estimated to be worth 200 billion yen to 300 billion yen ($1.99 billion to $2.98 billion) in total. The two sides are aiming to finalize the agreement this fall after hammering out prices, time frames and other terms.
SpaceX aims to hold down expenses by re-using rockets and spacecraft. Originally, the company made rockets mostly out of aluminum to keep costs low, using carbon fiber only for a few parts, such as connecting joints.
The U.S. company said in a statement, “Toray is one of a number of suppliers we work with to meet our carbon fiber needs for Falcon rocket and Dragon spacecraft production, and we haven’t announced any new agreements at this time. As our business continues to grow, the amount of carbon fiber we use may continue to grow.”