SpaceX not discussing Starlink IPO in 2024: Bloomberg News

Robert Besser
20 Nov 2023, 07:16 GMT+10

This week, SpaceX CEO Elon Musk denied reports that his rocket company was discussing an IPO for its satellite internet business, Starlink, as soon as 2024
The billionaire entrepreneur said that SpaceX had been moving the unit's assets to a wholly-owned unit, which would eventually be spun off
Musk previously said that when revenue growth and cash flow became smooth and predictable, he would list Starlink, adding that the company had achieved cash-flow breakeven earlier this month

LOS ANGELES, California: This week, SpaceX CEO Elon Musk denied reports that his rocket company was discussing an initial public offering (IPO) for its satellite internet business, Starlink, as soon as 2024.

In a reply to a post on social media platform X that shared a related Bloomberg News report, the billionaire entrepreneur said that SpaceX had been moving the unit's assets to a wholly-owned unit, which would eventually be spun off.

Musk previously said that when revenue growth and cash flow became smooth and predictable, he would list Starlink, adding that the company had achieved cash-flow breakeven earlier this month.

SpaceX was the first private company to send humans into orbit and is estimated to be valued at US$150 billion.

Justus Parmar, founder and CEO of venture capital firm Fortuna Investments, said, "I believe Musk will take Starlink out, not next year, but maybe 2025, 2026. He is waiting for a level of stability or predictability in revenue."

"When the IPO happens, it will be an extremely strong catalyst for everything space-related," he added.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to The US News.

More Information

41 ℉

Fair in Wenatchee

International

Section

South Korea follows North Korea, launches first spy satellite

VANDENBERG, California: South Korea successfully launched its inaugural military spy satellite, following North Korea's recent claim of deploying its own ...

Twenty-two dead, 1 still missing as Marapi volcano erupts in Indonesia

JAKARTA, Indonesia: The death toll from the eruption of Indonesia's Marapi volcano surged to 22 as rescuers discovered additional climbers ...

HRW officials believe Israel is apartheid state

In September, Tamir Pardo, who headed the Mossad, Israel's national intelligence agency, under Prime Minister Benjamin Netanyahu from 2011 to ...

US Navy says salvaging crashed jet in Hawaii will cost $1.5 million

HONOLULU, Hawaii: U.S. Navy officials say that it would cost some $1.5 million to salvage a P-8A jet plane that ...

Scale of human lives lost in Gazan conflict prompts rare UN move

NEW YORK, New York - In a rare move, United Nations Secretary-General Antonio Guterres has taken a dramatic constitutional step ...

No casualties reported after Marapi volcano erupts in Indonesia

BUKITTINGGI, Indonesia: On December 2, Mount Marapi in West Sumatra province, Indonesia, erupted, sending hot ash clouds several miles (kilometers) ...