Musk's rocket firm SpaceX to build $100bn launch facility

An important development from the financial markets: Musk's SpaceX to build $100bn launch site in LouisianaImage source, NurPhoto via Getty ImagesByOsmond ChiaBusiness reporterPublished24 minutes agoMulti-billionaire Elon Musk's rocket company SpaceX has announced that it will build its largest launch site yet in the southern US state of Louisiana. Construction of the $100bn (£73bn) project - named Starbase - is due to start next year, with the 125,000-acre (50,585-hectare) site expanding on the company's operations beyond its current Texas headquarters and locations in Florida.

It will be used to "support thousands of Starship flights a year with missions launching to Earth orbit, the Moon, Mars and beyond," SpaceX said on Tuesday. In June, SpaceX shares started trading on New York's technology-focused Nasdaq in the world's biggest ever stock market debut.

Economic Details

SpaceX said it aims to launch its first Starship flight from the new base in 2029. The Louisiana facility will add more than 3,000 jobs to the region, the company said.

The Louisiana Economic Development agency said the average wage of workers at the base would be 192% more than the region's current mean salary.

Financial markets are tracking the development closely as investors assess the likely impact.