That milestone will come around Starlink launch number 30, with 1,800 satellites delivered to orbit, he said.
SpaceX disclosed the influx of cash after launching the first 60 satellites into orbit for its Starlink project, which involves building a constellation that beams broadband to underserved areas across the globe. Each Starlink satellite weighs approximately 227 kg, and it's the most amount of satellites SpaceX has deployed at one time.
SpaceX has launched a rocket carrying the first 60 satellites of its "Starlink" constellation, which is meant to provide internet from space in an array that could one day contain over 12,000 orbiting transponders.
On 16 May SpaceX delayed the launch due to excess upper-level winds.
Starlink won't be able to provide "minor" coverage until about 400 spacecraft are up and running, and "moderate" coverage requires about 800 operational satellites, SpaceX founder and CEO Elon Musk has said.
After a few delays, SpaceX finally launched the first 60 satellites under its ambitious Starlink project today.
SpaceX will need another six missions, according to Musk, before Starlink can provide consistent Internet coverage for small parts of the world.
"There is a lot of new technology here, so it's possible that some of these satellites may not work", Musk said last week, adding that there is a "small possibility" that none will work.
Starlink reportedly is expected to generate roughly $3 billion a year in revenue.
The company says it won't know for another day whether the satellites deployed are functioning properly.
Now playing: Watch this: Musk readies internet satellites, European Union battles Russian. Airbus SE-backed OneWeb launched its own clutch of satellites in February, while LeoSat Enterprises and Canada's Telesat are also working to build data networks.