Elon Musk's SpaceX Revolution: From 'Fool's Errand' To Building A 'New Internet In Space'

SpaceX CEO Elon Musk on Monday shed light on a continuing problem for the rocket manufacturer.

What Happened: An article in The New York Times noted that Musk’s SpaceX launched the first Starlink satellites to orbit in 2019 when satellite internet was viewed as a ‘fool’s errand.’ Starlink now accounts for a majority of the satellites orbiting Earth, the report added.

Responding to a user who shared the article in a post and highlighted the above comments, Musk said, “This was and continues to be a hard problem.”

“SpaceX is building a new Internet in space,” he added.

Satellite internet is provisioned through communication satellites such as Starlink. Other players that provide similar services include Viasat VSAT and Hughes Network Systems, an Echostar SATS company.

Why It Matters: Satellite internet currently accounts for a narrow percentage of total internet use. However, Musk’s SpaceX has launched over 4800 Starlink satellites to date of which over 4500 are working, according to analysis by astronomer Jonathan McDowell.

Market research company Technavio expects the global satellite internet market to grow by $4,476.69 million from 2022 to 2027. In a report published in June, the firm noted that the market is estimated to grow at a CAGR of 16.85% during the forecast period with North America accounting for 45% of it.

Though a competitor, SpaceX has also launched satellites of rival internet providers. On Friday, its Falcon Heavy rocket launched the Hughes JUPITER 3 mission to a geosynchronous transfer orbit from Florida, marking its 250th successful mission till-date.

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