Tag Archive for: SpaceX

SpaceX plans likely spinoff and IPO for Starlink broadband division

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A SpaceX Falcon 9 rocket launching into the sky.

Enlarge / A SpaceX Falcon 9 rocket carrying 60 Starlink satellites launching from Cape Canaveral Air Force Station on January 29, 2020. (credit: Getty Images | SOPA Images )

SpaceX is likely to spin out its Starlink broadband business, SpaceX President and COO Gwynne Shotwell said today at an investor event.

“Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public,” Shotwell said at the event, according to a Bloomberg article. “That particular piece is an element of the business that we are likely to spin out and go public.”

While CEO Elon Musk has kept SpaceX private, a Starlink public offering would “giv[e] investors a chance to buy into one of the most promising operations within the closely held company,” Bloomberg wrote.

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Biz & IT – Ars Technica

SpaceX raising $500 million to help build satellite broadband network

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A view in outer space of SpaceX's first two broadband satellites.

Enlarge / SpaceX’s first Starlink broadband satellites. (credit: Elon Musk)

SpaceX is raising $ 500 million from investors to help build its worldwide satellite broadband network, The Wall Street Journal reported today.

The company run by Elon Musk has agreed on financing terms with existing shareholders and new investor Baillie Gifford & Co., who will pay $ 186 per share for new stock, valuing the company at $ 30.5 billion, according to Journal sources. SpaceX hasn’t received the money yet but could announce the deal by the end of December, the Journal reported.

The funding round would pay for initial costs but not the entire project, which the Journal report said could cost as much as $ 10 billion. We contacted SpaceX about the funding today but the company declined to comment.

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Biz & IT – Ars Technica