SpaceX to spin off space internet business Starlink: report

Space Exploration Technologies Corp., or SpaceX, plans to spin off its space-internet business Starlink, according to a Bloomberg report on Thursday that cited SpaceX President and Chief Operating Officer Gwynne Shotwell's remarks at an investor event in Miami.

"Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public," Shotwell was quoted as saying. "That particular piece is an element of the business that we are likely to spin out and go public." Privately held SpaceX has launched hundreds of Starlink satellites, and Starlink is expected to start delivering internet services this summer. Elon Musk is the chief executive of SpaceX and Tesla Inc. TSLA, +0.

smart move by spacex

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