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UPDATE 1-Musk's SpaceX plans IPO for Starlink business

Reuters | Updated: 07-02-2020 03:52 IST | Created: 07-02-2020 02:52 IST
UPDATE 1-Musk's SpaceX plans IPO for Starlink business
Representative image Image Credit: Twitter(@SpaceX)

Elon Musk's SpaceX plans to list its space internet venture, Starlink, but not for several years, a company official told Reuters on Thursday.

This comes at a time when e-commerce giant Amazon.com Inc is planning its own voyage into space. The company plans to build a network of over 3,000 satellites to provide high-speed internet through its Project Kuiper. Earlier in the day, Bloomberg reported the possibility of Starlink going public, citing 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," the report https://www.bloomberg.com/news/articles/2020-02-06/spacex-likely-to-spin-off-starlink-business-and-pursue-an-ipo quoted Shotwell saying at a private investor event in Miami. Musk said last year Starlink was an important new revenue stream for his California-based Space Exploration Technologies or SpaceX.

The company's so-called Starlink constellation is a planned network of up to 30,000 satellites in low-Earth orbit intended to beam broadband internet globally. In May, SpaceX launched the first batch of 60 small satellites 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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