SpaceX is raising funds to launch 11,943 satellites into space to build a low earth orbit network of satellites to sell home internet. SpaceX is hoping to raise $500 million from investors to build the worldwide network of satellites in the hopes of offering internet everywhere.
Unlike current satellite internet, these devices will be in a far lower orbit and offer far faster speeds without the data caps current satellite systems use.
The goal is that this new system will offer robust high speed internet, especially in developing countries and rural parts of developed nations like the United States. While you may not be running out to buy this if you have fiber internet, it could bring true wireless internet options to Americans who currently have no real options.
SpaceX has already launched several test satellites to prove this system works. Now they want to move forward with a larger roll out: a first round of 4,425 satellites.
The system also promises to help relief efforts that currently spend hundreds of dollars a day for 5 Mbps internet. With this system relief workers can get access to high speed internet even in areas hit by a major disaster.
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