Elon Musk, the founder of SpaceX, has finally denied reports claiming that the rocket company will go public with an initial public offering (IPO) in 2024. Musk made this denial in a response on the X social media platform that shared a Bloomberg News report on the issue.
The report stated that SpaceX had transferred its assets to a wholly-owned unit that would eventually be separated. Musk had previously stated that he intended to list Starlink once revenue and cash flow became steady and predictable.
Earlier this month, Starlink reached a break-even point in cash flow, according to Musk. SpaceX is predicted to be worth $150 billion and is the first private company to send humans into orbit. Starlink is seen as the main economic driver for achieving the company’s goals.
SpaceX’s breakthrough has put pressure on its competitors, including Jeff Bezos’ Blue Origin, to catch up with the significantly reduced launch costs of reusable rockets.
In 2018, SpaceX launched its first Starlink test satellite, followed by its first operational satellite in 2019. Since then, SpaceX has launched over 5,000 Starlink satellites from Florida and California using its Falcon rockets.
Starlink is the largest satellite constellation project in the world and recently secured a contract to provide free internet in Mexico until the end of 2026.
Justus Parmar, founder and CEO of venture capital firm Fortuna Investments, believes that Elon Musk will eventually release Starlink. Parmar said that Musk is waiting for a level of stability or predictability in revenue. Parmar believes that a future Starlink IPO could be a powerful catalyst for everything related to space.