Robert Besser
20 Nov 2023, 07:16 GMT+10
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.
Get a daily dose of Oakland Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Oakland Times.
More InformationIsrael intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...
sydney - Australia says it will help train thousands of new police officers in Papua New Guinea as part of ...
A senior US official has outlined a strategy for Ukraine as he urged lawmakers to sign off on more aidThe ...
Even members of the president's own party have urged him not to run for reelection, as concerns about his age ...
Japan has pledged $4.5 billion to Ukraine for its war against Russia, Japanese Prime Minister Fumio Kishida announced Thursday, $1 ...
As part of his campaign for a second term as U.S. president, Donald Trump and his allies say the former ...
WASHINGTON DC - In a major blow to U.S. President Joe Biden, less that a year out from the November ...
TOKYO, Japan: This week, the U.S. Air Force said that divers have discovered the wreckage and the remains of five ...
VANDENBERG, California: South Korea successfully launched its inaugural military spy satellite, following North Korea's recent claim of deploying its own ...
JAKARTA, Indonesia: The death toll from the eruption of Indonesia's Marapi volcano surged to 22 as rescuers discovered additional climbers ...
In September, Tamir Pardo, who headed the Mossad, Israel's national intelligence agency, under Prime Minister Benjamin Netanyahu from 2011 to ...
HONOLULU, Hawaii: U.S. Navy officials say that it would cost some $1.5 million to salvage a P-8A jet plane that ...