Elon Musk’s aerospace company, SpaceX, is reportedly in discussions regarding an initial public offering (IPO) for its Starlink satellite business. According to Bloomberg News, people familiar with the matter have stated that the IPO could potentially occur as early as late 2024. However, Musk refuted these claims, dismissing the report as “False” on his social media platform, X (formerly known as Twitter).

It is said that SpaceX has been transferring the assets of the Starlink unit to a wholly owned subsidiary in preparation for the IPO. Bloomberg also suggested that the listing might be pushed back to 2025. In the past, Musk had expressed his intention to take Starlink public once the company’s revenue growth and cash flow became more stable and predictable. Earlier this month, he announced that Starlink had reached the milestone of achieving cash-flow breakeven.

SpaceX has yet to respond to a request for comment from Reuters regarding the matter.