Elon Musk refuted reports about his rocket company SpaceX discussing a potential initial public offering (IPO) for its satellite internet business, Starlink, as soon as 2024.
He dismissed the report as “false,” responding to a post on social media platform X that shared a Bloomberg News report about SpaceX moving the unit’s assets to a wholly owned unit that would eventually be spun off.
The billionaire entrepreneur has previously expressed his intention to list Starlink once revenue growth and cash flow became more stable and predictable. Earlier this month, he mentioned that Starlink had achieved cash-flow breakeven.
SpaceX, valued at $150 billion, was the first private company to send humans into orbit. Its advancements have put pressure on competitors, including Jeff Bezos’ Blue Origin, to keep up as reusable rockets significantly reduce launch costs.
The Starlink unit is the world’s largest satellite operator. Recently, it secured a contract to provide free internet in Mexico until the end of 2026.
“I believe he (Musk) will take Starlink out, not next year, but maybe 2025, 2026. He’s waiting for a level of stability or predictability in revenue,” said Justus Parmar, founder and CEO of venture capital firm Fortuna Investments.
When the IPO happens, it will “be an extremely strong catalyst for everything space related,” Parmar added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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