<ul><li>Space startup SpinLaunch has raised $11.5 million out of a planned $25 million in its latest funding round.</li><li>SpinLaunch was exploring raising a much larger sum of $350 million at a $2 billion valuation earlier this year.</li><li>The company aims to build a kinetic launch system as a low-cost alternative to rockets.</li><li>SpinLaunch has conducted suborbital tests and was considering competing with Starlink by operating a satellite constellation for broadband service.</li></ul>

SpinLaunch raises $11M but hoped to raise much more, source says

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