Thu, 30 Nov 2023

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.

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