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 Singapore Star.

More Information

27 ℃

Mostly Cloudy in Seletar

International

Section

Casualties mount again in Gaza as bombardments gather pace

Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...

Nikki Haley's 2024 Republican presidential bid endorsed by Koch Group

ARLINGTON, Virginia: This week, the conservative U.S. political network Americans for Prosperity Action (AFP Action), led by billionaire Charles Koch, ...