No Starlink Spin-Off In The Works, Says Elon Musk

SpaceX has no plans to spin off Starlink, and the satellite-to-earth internet project will not undertake an initial public offering anytime soon, said SpaceX founder and CEO Elon Musk. 

Musk: 'Zero' Plans For Starlink IPO

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.

"We're thinking about that zero," Musk said of a possible Starlink IPO.

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

Musk Contradicts SpaceX Exec's Comments

Starlink has launched 60 satellites so far and is targeting 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 Gwynne Shotwell, SpaceX's president and chief operating officer, said a spinoff and IPO of Starlink were "likely."

SpaceX's Fundraising 

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

Photo courtesy of SpaceX.