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Elon Musk claims that Starlink will go public once the company’s financial flow is more reliable.

Elon Musk, the CEO of Tesla and SpaceX, has stated that he will only list Starlink as a public company if its cash flow is more reliable.

Starlink, which is now run by SpaceX, allows users to connect to the internet using a satellite dish that is installed on or near their property. Starlink satellites, which were launched into orbit by SpaceX, beam the internet down to the dish.

“It would be very painful to go public sooner than that,” Musk stated in a tweet late Wednesday. “I will do everything in my power to give long-term Tesla stockholders priority.”

“Any views on Starlink IPO? We would want to invest in the future,” a Twitter user inquired of the billionaire. “What are your thoughts on Tesla retail investors getting first dibs?”

Last year, SpaceX President Gwynne Shotwell stated that Starlink could be spun off from the company for an IPO.

Starlink, established in Redmond, Washington, aspires to bring faster internet to the entire world, beginning with enhancing internet access in areas where broadband providers are currently unavailable.

It intends to accomplish this by launching thousands of small telecom satellites into low-Earth orbit, each capable of beaming high-speed, low-latency internet to Earth.

Customers in 11 countries, including the United States and the United Kingdom, are now testing Starlink’s service.

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In May, Musk stated that the firm had received over 500,000 preorders for its internet service and that there would be no technological difficulties in satisfying demand.

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Shotwell said Tuesday that Starlink should be able to give continuous global coverage by September.

According to Reuters, she told a Macquarie Group technology conference via livestream, “We’ve successfully deployed 1,800 or so satellites, and once all of those satellites reach their operational orbit, we will have continuous global coverage, so that should be around September timeframe.”

“But then there’s the regulatory work of getting approval to supply telecoms services in each country.”

Starlink has stated that it wants to deploy 12,000 satellites for a total cost of $10 billion.

In May, Musk stated that Starlink will be a critical source of funding for several of his other projects, such as sending paying customers to Mars and populating Mars.

Musk stated in an interview in March of last year that supplying broadband could earn SpaceX up to $30 billion per year. He added that 5G isn’t excellent for the countryside because “you need range,” and that Starlink will be “useful to telecoms since Starlink will service the hardest to serve clients.”

img src : google.com

SourceCNBC
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