‘Elon Musk’s SpaceX is planning to spin off its controversial internet satellite venture, Starlink, and pursue an initial public offering for the unit within a few years.
Chief operating officer Gwynne Shotwell revealed the California-based rocket company’s plans at a private investor event hosted by JPMorgan Chase & Co in Miami on Thursday.
‘Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public,’ she said, according to Bloomberg.
‘That particular piece is an element of the business that we are likely to spin out and go public.’A company official confirmed to Reuters that SpaceX plans to list its space internet venture, Starlink, but not for several years.
Starlink is a planned network of up to 30,000 satellites in low-Earth orbit intended to beam broadband internet globally.
The first batch of 60 small satellites for Starlink internet service was launched in May 2019, and there have been three more launches since then, bringing to total number of satellites in orbit to 240.
Musk said last year that Starlink was an important new revenue stream for his California-based Space Exploration Technologies company.’