SpaceX could move to spin off its internet satellite business Starlink via an initial public offering as soon as late next year, sources told Bloomberg.
Elon Musk’s space company has been transferring Starlink assets to a wholly owned subsidiary, the report said, although no final decisions have been made and an IPO could also be pushed later to 2025.
SpaceX didn’t immediately respond to a Business Insider request for comment.
Commenting on a post about the Bloomberg story, Musk tweeted the word “False,” without explaining any further.
SpaceX, which was founded in 2002, has launched more than 5,000 satellites that provide high-speed internet service across more than 60 countries. On November 2, Musk posted on X that Starlink had achieved breakeven cash flow.
Days later, Bloomberg reported that SpaceX sees revenue soaring 67% next year to $15 billion, with Starlink accounting for $10 billion of that, overtaking revenue from the space-launch business.
In January, the so-called SPAC-king Chamath Palihapitiya predicted that Musk would take Starlink public in 2023.
“[Musk] talked about this on our pod, about the difficulties and the dangers of margin loans and all of that stuff,” Palihapitiya said at the time. “He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder.”
Musk had floated the same idea in 2022 during an all-hands meeting at SpaceX, though he maintained that it was several years away.
Billionaire investor Ron Baron, meanwhile, recently predicted that Musk’s SpaceX will be worth half a trillion dollars by 2030. The company’s reuseable rockets, he explained, will help create a “railroad to space.”
