Robert Besser
20 Nov 2023, 07:16 GMT+10
LOS ANGELES, California: This week, SpaceX CEO Elon Musk denied reports that his rocket company was discussing an initial public offering (IPO) for its satellite internet business, Starlink, as soon as 2024.
In a reply to a post on social media platform X that shared a related Bloomberg News report, the billionaire entrepreneur said that SpaceX had been moving the unit's assets to a wholly-owned unit, which would eventually be spun off.
Musk previously said that when revenue growth and cash flow became smooth and predictable, he would list Starlink, adding that the company had achieved cash-flow breakeven earlier this month.
SpaceX was the first private company to send humans into orbit and is estimated to be valued at US$150 billion.
Justus Parmar, founder and CEO of venture capital firm Fortuna Investments, said, "I believe Musk will take Starlink out, not next year, but maybe 2025, 2026. He is waiting for a level of stability or predictability in revenue."
"When the IPO happens, it will be an extremely strong catalyst for everything space-related," he added.
Get a daily dose of Cardiff Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cardiff Star.
More InformationLONDON, UK - Shahzad Akbar, a former accountability advisor to former Pakistani Prime Minister Imran Khan, has claimed that an ...
LONDON, UK: In the latest in a series of related issues facing British banks, on November 24, thousands of HSBC ...
Alejandro Cao de Benos has been accused of helping North Korea evade sanctions by using cryptocurrencyA Spanish man accused of ...
(Photo credit: Lucas Peltier-USA TODAY Sports) Manchester United will try to continue their strong Premier League form -- and put ...
Spanish police said Friday that they had arrested a Spaniard wanted by U.S. officials for working with an American to ...
Rishi Sunak, David Cameron and King Charles are just three of the more than 70,000 delegates from nearly 200 countries ...
CHISINAU, Moldova: Over the weekend, heavy snowfall and strong blizzards in Romania, Moldova and Bulgaria left one person dead and ...
WASHINGTON D.C.: After a House Ethics Committee report found substantial evidence that he broke the law, New York Republican representative ...
In a report by The New York Times, it has been revealed that Israeli officials had obtained a detailed battle ...
NAYPYIDAW, Myanmar: Kyar Win, spokesperson for the Myanmar National Democratic Alliance Army, which launched a surprise offensive last month against ...
While Secretary of State Anthony Blinken has been frantically shuttling around the Middle East trying to stop the Israeli coflict ...
LESBOS, Greece: Greek authorities said a cargo ship sank off the island of Lesbos over the weekend during a storm, ...