Elon Musk's SpaceX set to raise $500 mn: report

Elon Musk's rocket company SpaceX plans to raise $500 million to help launch its satellite internet service, The Wall Street Journal reported Tuesday.SpaceX will garner the funds from existing shareholders and a new investor, Baillie Gifford & Co, a Scottish money management firm that is also a major shareholder in the Musk-led Tesla Motors.The new funding round lifts SpaceX's valuation to $30.5 billion, the newspaper reported.