SpaceX invests $2bn in Starship development in 2023 and plans to re-launch in 6-8 weeks

SpaceX is to invest $2bn in 2023 to develop the Starship rocket, which is preparing for its second attempt at orbit. This was announced by Elon Musk.

Here's What We Know

Starship exploded on 20 April after a failed attempt to reach orbit. SpaceX gave the command for the rocket to self-destruct, but the explosion did not occur until 40 seconds later. This is another problem with the maiden flight that was not previously known.

Elon Musk believes that a second attempt will be made in six to eight weeks. And this year, the aerospace company will not need to raise additional funding to develop the Starship project.

Despite the fact that the rocket was destroyed over the Gulf of Mexico, Elon Musk called the launch "exceeded expectations". At this stage SpaceX has several Starship prototypes in the early stages of assembly, but the Federal Aviation Administration (FAA) has temporarily banned flights.

Overall, Elon Musk is optimistic about the future. He said in March that the first attempt to launch Starship into orbit would fail with a 50% probability. Now, the American billionaire is confident that the spacecraft will definitely reach orbit within 12 months. The probability of doing so by the end of 2023 is estimated at 80%.

Source: CNBC