He said Elon Musk, CEO of SpaceX and Tesla: He plans to turn Starlink’s satellite broadband service into a public company when cash flow is more predictable.
Starlink, which is currently operated by space exploration company SpaceX, allows people to connect to the Internet via a satellite dish.
Internet is broadcast to the dish via Starlink satellites that have been put into orbit by SpaceX.
“Going public sooner than that would be very difficult,” Musk said in a tweet. I am doing my best to give preference to Tesla shareholders in the long term.
The billionaire’s tweet came after a Twitter user asked him about having thoughts aboutStarlink’s initial public offering.
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“Starlink could be separated from SpaceX in an initial public offering,” SpaceX president Gwen Shotwell said last year.
Headquartered in Redmond, Washington, Starlink wants to provide the world with faster internet, starting with improving internet access in parts of the world not currently served by broadband providers.
It plans to do this by placing thousands of small communications satellites in low Earth orbit that can send high-speed, low-latency Internet back to Earth.
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Starlink is currently testing its service with customers in 11 countries, including the United States and the United Kingdom.
Musk said in May that the company had received more than 500,000 initial Internet service requests and did not expect any technical problems in fulfilling the request.
Shotwell said Starlink should be able to provide continuous global coverage by September.
“We have successfully deployed 1,800 or so satellites,” she added at a Macquarie Group technology conference via webcast. Once all of these satellites are in operational orbit, we will have continuous global coverage. So the time frame should be during the month of September.
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Starlink said it plans to launch 12,000 satellites in total, at a cost of about $10 billion.
Musk said in May that Starlink would be an important source of funding for some of his other plans, including sending paying customers to Mars and colonizing Mars.
In an interview in March last year, Musk said SpaceX could make up to $30 billion a year by providing broadband. And they are useful For telecom companies because they serve the hardest customers.