Elon Musk Highlights New Milestones Hit For SpaceX's Starlink Service And Says Eying Further Expansion

Space Exploration Technologies Corp, or SpaceX, founder Elon Musk said on Monday the aerospace company has shipped 100,000 terminals of its high-speed, satellite-based internet service Starlink.

What Happened: In a series of posts on social media, Musk revealed Starlink is now serving 14 countries and awaiting licenses in several other countries — adding he hoped the service would be available across the “Earth” soon.

Now serving � � � � � � � � � � � � � �

— Elon Musk (@elonmusk) August 23, 2021

The service is currently available in the United States, Canada, United Kingdom, Germany, France, Austria, Netherlands, Ireland, Belgium, Switzerland, Denmark, Portugal, Australia and New Zealand.

Why It Matters: Starlink had about 90,000 users signing up for the service at the end of July, as per a CNBC report, implying a jump of 10,000 subscribers in less than a month.

The service, which is currently in the beta phase, is a SpaceX venture designed to beam down the internet, especially in remote areas from satellites in orbit to Earth. 

Musk told reporters in 2019 that Starlink could generate $30 billion a year in revenue, making the company a hot target for a potential IPO. Musk said in February he would look to give long-term Tesla Inc TSLA shareholders preference in the Starlink ipo, which is not expected to happen until cash flow becomes more predictable. 

See Also: Elon Musk's Starlink Could Generate Over $20B Cash Flow Annually — If It Doesn't Go Bankrupt First, Says Ark

The service comes at a ticket price of $99 a month and there is an additional $499 one-time cost for the kit that includes a user terminal and Wi-Fi router to connect to the satellites.

Price Action: Tesla shares closed 3.83% higher at $706.30 on Monday.

Photo: Courtesy of SpaceX