‘False’: Elon Musk denies report of potential Starlink IPO in 2024

Elon Musk refuted claims on Wednesday suggesting that his space exploration company SpaceX was in talks about potentially launching an initial public offering (IPO) for its satellite internet arm, Starlink, by 2024.

Dismissing the assertion as "false," Musk responded to a post on the social media platform X, which had shared a Bloomberg News report indicating that SpaceX had been transferring the unit's assets to an entirely owned subsidiary, paving the way for a spin-off.

The prominent entrepreneur had previously articulated his plan to take Starlink public once its revenue growth and cash flow achieved stability and predictability. Earlier this month, he disclosed that Starlink had reached a point of cash-flow neutrality.

With an estimated value of $150 billion, SpaceX holds the distinction of being the pioneering private company to transport humans to orbit. Its innovations have spurred competitors like Jeff Bezos' Blue Origin to adapt as reusable rockets notably slash launch expenses.

Starlink stands as the largest satellite operator globally. Earlier this week, it secured a contract to provide complimentary internet services in Mexico until the conclusion of 2026.

Last month Musk said that Starlink would provide internet connectivity to internationally recognised aid organisations in Gaza.

The Wall Street Journal reported in September that Starlink experienced a substantial revenue increase last year, soaring to $1.4 billion—a more than six-fold surge. However, this figure fell short of the targets set by CEO Elon Musk, as outlined in documents. According to the report, a 2015 presentation by the company had forecasted that the division would amass nearly $12 billion in revenue and $7 billion in operating profit by 2022.

Moreover, Starlink has been slower in acquiring customers than initially anticipated. By the end of 2022, the unit had amassed just over a million active subscribers, a pace notably below its earlier expectations, as highlighted in the Journal's report.

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