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Photo by Time Life Pictures/NASA/The LIFE Picture Collection/Getty Images

SpinLaunch, a Silicon Valley-based developer of space catapults, raised $35 million from Kleiner Perkins and venture capital affiliates of Airbus and Google parent Alphabet. It previously raised $5 million.

What? Yes, space catapults. The kind that could sit on earth and basically fling satellites into orbit without using rocket fuel, thus significantly increasing payload capacity.

SpinLaunch also is set to receive $25 million via a special purpose bond issuance by Hawaii, despite some resident objections to the prospect of megaton pieces of metal being chucked over their homes.

Go deeper with Bloomberg's Ashlee Vance:

"Why would anyone do such a thing? Well, [founder Jonathan] Yaney is trying to work around the limits that physics have placed on the rocket launch industry for decades. To overcome gravity and Earth’s atmosphere, rockets must be almost perfectly engineered and, even then, can only push a relatively small payload into space. The items carried on a typical rocket, for example, make up less than 5 percent of the rocket’s mass, with the rest going toward fuel and the rocket’s body."

Go deeper

22 mins ago - Politics & Policy

Trump leaves White House for the final time

President Trump took off on Marine One at 8:17 a.m on Wednesday morning, departing the White House for the last time, en route to Florida.

The big picture: Trump's final hours will be marked by snubbing his successor and granting pardons to many of his allies who have been swept up in corruption scandals.

Inauguration Day dashboard

Screenshot: Fox News

President Trump has left the White House en route to a farewell event at Andrews Air Force Base, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.