SpaceX Lays Off 10% of Staff After Disappointing Fund Raising

SpaceX is laying off ten percent of their 6000+ staff. SpaceX has very expensive projects to develop the Superheavy Starship (aka BFR) and the Starlink global space-based internet.

SpaceX makes most of its money from commercial and national security satellite launches, as well as two NASA contracts, one a multibillion-dollar deal to deliver cargo to the International Space Station and the other up to $2.6 billion to develop a capsule that will deliver astronauts to the space station. The first launch of that capsule, without a crew, is planned for February.

Earlier in January, SpaceX raised about $273 million in equity and other securities in an offering that was trying to raise $500 million.