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Musk's SpaceX plans spinoff, IPO for Starlink -Bloomberg

Reuters | Updated: 06-02-2020 23:34 IST | Created: 06-02-2020 23:34 IST
Musk's SpaceX plans spinoff, IPO for Starlink -Bloomberg

Elon Musk's SpaceX plans to spin off its internet venture, Starlink and pursue an initial public offering for the unit, Bloomberg reported https://www.bloomberg.com/news/articles/2020-02-06/spacex-likely-to-spin-off-starlink-business-and-pursue-an-ipo on Thursday, citing the rocket company's chief operating officer, Gwynne Shotwell. "Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public," Shotwell was quoted as saying at a private investor event hosted by JPMorgan Chase & Co in Miami.

SpaceX did not immediately return calls from Reuters seeking comment. Musk said last year that Starlink venture was an important new revenue stream for his California-based Space Exploration Technologies, or SpaceX.

The private rocket company launched the first batch of 60 small satellites into low-Earth orbit in May for Starlink internet service.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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