Elon Musk’s SpaceX plans to spin off its internet venture, Starlink and pursue an initial public offering for the unit, Bloomberg reported https://www.bloomberg.com/news/articles/2020-02-06/spacex-likely-to-spin-off-starlink-business-and-pursue-an-ipo on Thursday, citing the rocket company’s 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,” Shotwell was quoted as saying at a private investor event hosted by JPMorgan Chase & Co in Miami.
SpaceX did not immediately return calls from Reuters seeking comment.
Musk said last year that Starlink venture was an important new revenue stream for his California-based Space Exploration Technologies, or SpaceX.
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The private rocket company launched the first batch of 60 small satellites into low-Earth orbit in May for Starlink internet service. (Reporting by Ayanti Bera in Bengaluru; Editing by Anil D’Silva)