No Starlink Spin-Off Or IPO In The Works, Says Musk

SpaceX has no plans to spin off Starlink or to hold an initial public offering anytime soon.

What Happened

SpaceX Exploration Technologies Corp.’s Starlink project involves the launch of 12,000 satellites into low Earth orbit with the aim of providing global internet coverage. Elon Musk, the founder of SpaceX, said about a possible IPO, “We’re thinking about that zero,” mentioning that the most important thing for the project right now is to make sure it works.

Musk was speaking at the Satellite 2020 conference in Washington D.C. on Monday. He also addressed concerns about the satellites posing a danger to astronomy, saying, “We will not cause any impact whatsoever in astronomical discoveries.”

Why It Matters

Starlink has launched 60 satellites so far and is targetting service for the Northern U.S. and Canada as of 2020.

The company expects to provide global coverage by 2021. In February, it was reported that SpaceX was considering taking the Starlink business public.

What Else Is There

SpaceX is in the process of raising $500.06 million at $220 per share in a new funding round. Last year the company had raised $1.33 billion in three founding rounds, making it one of the most valuable private companies in the world.