In a leaked recording, Elon Musk can be heard telling SpaceX employees that the Starlink satellite internet business won’t go public until 2025 at the earliest. In 2019, Musk told employees that a Starlink spinoff and IPO might happen in 2022. Starlink is a system of satellites that provides global internet connections. It currently has more than 400,000 subscribers and brings in an estimated $500 million or more in annual revenue. However, the lack of a Starlink IPO will disappoint employees who would have received stock options.
- Employees that would be granted stock options may be disappointed by this decision.
- Nearly half 1 million people are subscribe to Starlink, with a half billion dollars in revenue.
- Many were hoping for an initial public offering sooner, but they’ll have to keep waiting.
“In the address to employees, which took place last Thursday, Musk said that spinning off its Starlink satellite internet business from SpaceX and taking it public likely wouldn’t happen until 2025 at the earliest.”