Report: SpaceX Now Seeking $750 Million Loan

SpaceX launches its Dragon cargo craft on a Falcon 9 rocket from Space Launch Complex 40 at Cape Canaveral Air Force Station in Florida at 5:42 a.m. EDT June 29, 2018. The early-morning launch is the company’s 15th resupply mission to the International Space Station under NASA’s Commercial Resupply Services contract. (Credit: NASA TV)

SpaceX is seeking a leveraged loan of $750 million in an effort being led by Bank of America, Bloomberg reports.

Bloomberg had earlier reported that Goldman Sachs was leading an effort to obtain $500 million in financing for Elon Musk’s company.

The reason for the change was not reported.

Report: SpaceX Seeking $500 Million Loan

The first Falcon 9 Block 5 booster heads for the launch pad at NASA’s Kennedy Space Center. (Credit: SpaceX)

Bloomberg reports that SpaceX wants to borrow $500 million in the leveraged loan market.

Goldman Sachs Group Inc. is leading the talks with potential investors this week, said the people, who asked not to be identified because plan is private. Spokesmen for Space Exploration Technologies Corp. and Goldman Sachs declined to comment….

SpaceX’s timing lets it take advantage of a borrower’s market in leveraged finance, even for companies like Uber and Tesla that are burning through cash. While investors have piled into loans this year in search of floating rate assets amid the Federal Reserve’s tightening, issuance has dropped by about 20 percent.

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Goldman Sachs Bullish on Asteroid Mining

Asteroid Retrieval Mission (Credit: NASA)

Goldman Sachs says asteroid mining is more realistic than most people think.

In a 98-page note for clients seen by Business Insider, analyst Noah Poponak and his team argue that platinum mining in space is getting cheaper and easier, and the rewards are becoming greater as time goes by.

“While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower. Prospecting probes can likely be built for tens of millions of dollars each and Caltech has suggested an asteroid-grabbing spacecraft could cost $2.6bn,” the report says….

The rewards would be vast: just one asteroid might contain $50 billion (£40 billion) of platinum:

“Space mining could be more realistic than perceived. Water and platinum group metals that are abundant on asteroids are highly disruptive from a technological and economic standpoint. Water is easily converted into rocket fuel, and can even be used unaltered as a propellant. Ultimately being able to stockpile the fuel in LEO [low earth orbit] would be a game changer for how we access space. And platinum is platinum. According to a 2012 Reuters interview with Planetary Resources, a single asteroid the size of a football field could contain $25bn- $50bn worth of platinum.”

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