Elon Musk denies Bloomberg scoop on potential Starlink IPO
Elon Musk dismissed a report that stated SpaceX is discussing spinning off Starlink via an initial public offering as soon as 2024.
In a one-word reply to a tweet from account Teslanomics, the SpaceX, Tesla (NASDAQ:TSLA) and X (formerly Twitter) chief said the report was «false.»
On Wednesday, Bloomberg, citing people with knowledge of the matter, reported that SpaceX was assessing a potential IPO for its fast-growing Starlink satellite business as soon as late 2024.
The move was said to be in an effort to capitalize on strong demand for communications via space.
In addition, Bloomberg said that to prepare, SpaceX had been shifting the satellite unit's assets to a wholly owned subsidiary. That subsidiary would then be spun off in an IPO, the publication stated.
In 2019, SpaceX launched the initial group of Starlink satellites. Since then, adoption of the service has surged, with the company recently stating it is now available in over 60 countries and has over 2 million active customers.
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