According to Managing Director Kim Ann of Silicon Valley Bank the recent successful flight of SpaceX’s rocket Falcon Heavy which helped launch of Saudi Arabia’s large communication satellite will bring huge success to the company. The bank which focuses on technology has assets worth $57 billion and for its MD the first commercial flight of Falcon Heavy that went on to complete its mission successfully is as dazzling as its maiden flight. Ranked as the world’s most powerful rocket, the Falcon Heavy has 27 engines that help it create 5.1 million pounds of thrust to propel it into space.
It was first unveiled in 2011 after several delays which made critics and investors wonder about when the project is likely to start earning revenues. Now it remains to be seen if how fast Falcon Heavy will be able to win contracts for launching payloads into space related to gathering information. During its debut flight it carried only the car of SpaceX CEO Elon Musk around the sun which itself prompted many customers to sign on for the rocket’s next flights. In the past one year the firm already has signed on five contracts for future missions.
Two of its contracts are from US Air Force that shows how high the standards are for Falcon Heavy. Until the recent commercial flight it had not started generating any income but revenue generation in important for projects of this type. Besides launching small and large satellites for national security and other projects, the rocket is also being considered for a prestigious exploration mission for NASA. Recently the budget of NASA revealed growing reliance on private operators for satellite launch missions so now Falcon Heavy is likely to launch further missions worth several hundred million dollars. This successful flight has helped investors see opportunity in the space industry and now private companies like SpaceX working in this sector are not likely to have trouble raising funds said Kim.