Tesla Inc TSLA CEO Elon Musk-owned SpaceX’s high speed, satellite-based internet service Starlink is not likely to go public until 2025 or later, CNBC reported on Tuesday, citing the billionaire entrepreneur.
What Happened: Musk told SpaceX employees last week that he expects the Starlink business to be “in a smooth sailing situation” with “good predictability” at which point he could consider spinning it off as a public company.
The latest timeline signals another pushback in the IPO timeline amid repeated investor interest.
The world’s richest man had previously aimed at a public offering as soon as this year, the report said, citing a 2019 SpaceX email.
Back then Musk had said, “it will probably make sense to take Starlink public in about three years or so.”
Musk last year postponed the estimate saying that it would be “at least a few years before Starlink revenue is reasonably predictable,” adding that “going public sooner than that would be very painful.”
SpaceX did not immediately respond to Benzinga’s request for comment.
Why It Matters: Musk last week, in a presentation, said Starlink had secured nearly 500,000 users across 32 countries, a year sooner than targeted.
It beams super-fast, satellite-based internet service that can be accessed uninterrupted whether on land, air, or at sea in remote locations.
SpaceX has delivered 15,000 Starlinks to Ukraine since Russia’s invasion began in February. Over 150,000 active users were known to be using Starlink as of early May.
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