Investors who are eagerly expecting the initial public offering (IPO) of SpaceX’s Starlink satellite-internet business will have to control themselves for a while.
The founder of SpaceX and CEO Elon Musk announced that the company likely would not be setting its Starlink branch as a public firm for the next three to four years, CNBC noted today on June 7th, citing a demonstration that the billionaire entrepreneur provided to SpaceX employees at an “all hands” meeting the previous week.
Starlink desires to be “in a smooth-sailing situation” with “good predictability,” Musk told during the meeting, according to an audio recording of the event obtained by CNBC. With that being the case, he added, “I think spinning it off as a public company can make a lot of sense.”
“Starlink’s IPO has been three to four years away before; Musk gave a similar estimate in an email he sent to SpaceX employees in 2019, before backing away from that timeline in a 2021 tweet,” CNBC noted.
The dependency is reciprocal, for Starship is also crucial to Starlink’s destiny. The next-gen edition of the Starlink satellite will be much more enormous than the existing iteration, which is so hefty. Musk recently said, “Starship will be the only vehicle capable of launching batches of them to orbit.”
SpaceX has inaugurated more than 2,600 Starlink satellites to date, and the network is delivering broadband assistance to more than 400,000 subscribers worldwide. However, Starlink will become much bigger if everything runs according to plan. The next-gen version of the constellation might consist of nearly 30,000 satellites.