Elon Musk has refuted reports suggesting that SpaceX is planning to spin off its Starlink satellite business through an initial public offering (IPO) in the near future. On Wednesday, Musk debunked the claim, stating that it was “false.” However, Bloomberg reported that SpaceX had initiated the transfer of Starlink’s assets to a wholly owned subsidiary in preparation for the potential IPO. Citing anonymous sources who disclosed private conversations, officials reportedly mentioned the possibility of an IPO as early as 2024. The article from Bloomberg also mentioned that the final decision had not been made and that the IPO could potentially be postponed until 2025.

In 2021, Musk had previously stated that Starlink would go public once its cash flow could be predicted with a reasonable level of confidence. Musk had acknowledged that Starlink was still operating at a loss at the time. However, earlier this month, he announced that Starlink had achieved cash flow breakeven. Musk also emphasized that Starlink currently has the majority of all active satellites in orbit and expects to launch more satellites than any other entity by next year. With a satellite count exceeding 5,000, Starlink provides high-speed internet services to customers across over 60 countries.

According to Bloomberg, SpaceX projects that Starlink will generate approximately $10 billion in overall sales next year, overshadowing its rocket launch business. This news of a potential IPO for Starlink comes shortly after billionaire investor Ron Baron predicted that the company would go public around 2027. However, it is important to note that the decision regarding the IPO has not been finalized, and it is subject to change.