Left Menu
Development News Edition

UPDATE 2-Musk's SpaceX plans IPO for Starlink business

Reuters | Updated: 07-02-2020 07:08 IST | Created: 07-02-2020 03:08 IST
UPDATE 2-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.

The plan comes as Jeff Bezos' e-commerce giant Amazon.com Inc prepares to build its own internet network of over 3,000 satellites in low-Earth orbit through its Project Kuiper. SpaceX has been launching Starlink satellites in batches of 60 since May and currently has 240 orbiting Earth. The company aims to make the broadband internet service operational by the end of 2020.

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.

Shotwell's remarks came on the day of a key launch from Starlink's main competitor OneWeb Satellites, a SoftBank-backed venture that aims to send 34 of its planned 648 satellites to space on Thursday. 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.)

Download The Devdiscourse News App for Latest News.



Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Public health care post-COVID 19 to go for revamping, not rebooting

Until now, the economies used to classify healthcare sector under social expenditure. However, the devastation caused by COVID 19 pandemic has upgraded public healthcare on topmost priority and core economic activity for controlling future ...

Coronavirus lockdowns to speed up long-pending revamping of supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....


Latest News

UPDATE 1-U.S. expected to renew sanctions waivers allowing Iran nonproliferation work -sources

The United States is expected to allow Russian, Chinese and European companies to continue their work at Iranian nuclear sites to make it harder for Tehran to develop nuclear weapons, four sources familiar with the matter said on Monday.The...

SDMC procures 14,000 spl nitrile gloves for medical staff, sanitation workers

Seeking to equip its workforce to combat the coronavirus outbreak, the SDMC on Monday said it has procured 14,000 special nitrile gloves for its medical and other staff. In each of the four zones, 3,500 gloves will be distributed to the sta...

Hearthstone tours moving to online-only format

Hearthstone announced Monday it is moving to an online-only format for Masters Tour Jonkoping and Masters Tour Asia-Pacific due to the global COVID-19 pandemic. The decision is designed to maintain the global integrity and fairness for all ...

Senior Italian cardinal, papal vicar for Rome, has coronavirus

Cardinal Angelo De Donatis, Pope Francis vicar for the diocese of Rome, on Monday became the highest-ranking Catholic official known to test positive for coronavirus.De Donatis office said he was tested for the virus after feeling unwell an...

Give Feedback