Elon Musk, the founder and CEO of Space Exploration Technologies, or SpaceX, said the aerospace company is planning to list its space internet venture, Starlink, after many years when revenue growth is smooth and predictable.
In a tweet, Musk said, “We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic cash flow haha.”
He also said that he is a huge fan of small retail investors, and will make sure they get top priority.
Reuters reported that SpaceX President Gwynne Shotwell earlier had floated the idea of Starlink’s IPO in the coming years.
Musk’s tweet comes as SpaceX was preparing to launch 60 Starlink satellites into orbit on Monday as part of its Starlink satellite constellation to offer broadband internet commercially by the end of 2020. However, the launch was postponed due to thick clouds over its Florida launch site.
SpaceX, which launched its initial batch of 60 Starlink satellites in May 2019, has already sent up more than 700 satellites to date for its high-speed satellite-based Internet service.
The project, which began development in 2015, is aiming to provide service in the Northern U.S. and Canada this year, expanding to near-global coverage by 2021.
The company plans initial constellation of 1,440 satellites, which will eventually rise to more than 40,000 Starlinks satellites.
Musk earlier had said that he considered Starlink as an important new revenue stream for SpaceX.
In mid August, SpaceX raised $1.90 billion in new funding, which is said to be its largest single fundraising round till date.
Source: Read Full Article