Elon Musk has taken to X to deny a report suggesting that SpaceX is actively considering an initial public offering (IPO) for its Starlink business as early as next year.
The report came from Bloomberg, which cited sources with knowledge of the matter claiming that SpaceX has been contemplating the IPO to capitalize on the soaring demand for the satellite internet service, which now has over 2 million monthly subscribers. According to the report, no final decisions had been made, and that a potential listing could come as soon as late 2024, but could be pushed to 2025.
Musk denied the report on X, simply replying “False,” without providing further information.
— Elon Musk (@elonmusk) November 15, 2023
While Musk denied this report that suggested an IPO was just off on the horizon, Musk has long hinted at the possibility of a Starlink IPO, but the question has always been around timing. In 2021, Musk stated that Starlink would consider going public once the service could make reliable predictions about cash flow, a key metric for assessing a business’s financial health.
Despite Musk’s earlier statements that a public debut might be years away, recent developments in the business have accelerated its trajectory. Starlink recently reached the milestone of breakeven cash flow, and the company is expected to generate approximately $15 billion in revenue next year, surpassing its rocket launch business and constituting two-thirds of the company’s total revenue.