SpaceX Weighs Spinning Off IPO as Soon as 2024
SpaceX is believed to be discussing an initial public offering for its fast-growing Starlink satellite business as soon as late 2024, people with knowledge of the matter said, in a bid to capitalize on robust demand for communications via space.
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@SpaceX is discussing an initial public offering for its fast-growing Starlink satellite business as soon as late 2024, Bloomberg reports#SpaceX #ipo https://t.co/gcqZQmXNvb
— The_Journalbiz (@the_journalbiz) November 15, 2023
Bloomberg on Starlink
To get ready, SpaceX has been moving the satellite unit’s assets to a wholly owned subsidiary that would ultimately be spun off in the IPO, said one of the people, who asked not to be identified because the conversations are private.
No final decisions have been made and it’s possible that SpaceX retains the unit. The listing could also be delayed to 2025, the people said.
Musk has been dangling the prospect of a Starlink IPO for years, but the timing of an offering has been unclear. Musk said in 2021 the space-based internet service would list shares once it could make predictions “reasonably well” about cash flow, a closely watched measure of a business’s financial health.
Founded in 2002, SpaceX owns a constellation of more than 5,000 satellites orbiting Earth and providing high-speed internet connectivity for customers in more than 60 countries. The company has pledged billions of dollars to build out the constellation.
