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 Irish Sun.

More Information

7 ℃

Fair in Dublin

International

Section

Israeli ambassador extends thanks to U.S. president after UN vote

Israel has acknowledged and thanked the United States and President Joe Biden for standing firmly by Israel's side at the ...

E-bike's battery catches fire in New York, killing 1, injuring 6

NEW YORK: This week, New York City officials said that one person was killed and six others were injured when ...

United Kingdom passes on crucial vote to end war in Gaza

NEW YORK, New York - The United Kingdom refrained from supporting demands for a ceasefire in the two-months long Israel-Gaza ...

United States strikes down international demand for ceasefire

NEW YORK, New York - The U.S. was alone on Friday in a 13-1 vote for a ceasefire in the ...

Ex-US ambassador to Bolivia arrested for working for Cuba

WASHINGTON D.C.: The Associated Press (AP) reported that Manuel Rocha, a former American diplomat who served as U.S. ambassador to ...

Wisconsin man who firebombed anti-abortion group office pleads guilty

MADISON, Wisconsin: On November 30, Hridindu Sankar Roychowdhury from Wisconsin pleaded guilty to firebombing a conservative anti-abortion group's office on ...

Europe

Section