News
SpaceX is in no rush for a Starlink IPO and that should terrify competitors
SpaceX President Gwynne Shotwell says that the Starlink satellite internet business is in no rush to become a separate company and pursue an IPO, and that relaxed demeanor should terrify competitor constellations and ISPs like OneWeb and Comcast.
Announced in January 2015, SpaceX has been developing a massive constellation of satellites capable of delivering high-quality broadband internet anywhere on Earth for half a decade. Known as Starlink, SpaceX launched its first dedicated satellite prototypes – known as Tintin A and B – in February 2018, serving as a very successful alpha test for the myriad technologies the company would need to master to realize the constellation’s goals. 15 months later, SpaceX launched its first batch of 60 radically-redesigned Starlink satellites – packed flat to fit in an unmodified Falcon 9 payload fairing.
Less than nine months after that first ‘v0.9’ mission, SpaceX has completed another three dedicated launches and made Starlink – now some 235 operational satellites strong – the world’s largest private satellite constellation by a huge margin. Now just two days away from its fifth Starlink launch, SpaceX’s second-in-command has revealed that the company will likely split Starlink off into its own separate company, enabling an IPO without sacrificing SpaceX’s broader freedom. However, Shotwell also made it clear that SpaceX is in no rush to do so, and that fact should strike fear into the hearts of Starlink’s many potential competitors.
Bloomberg first broke the news with a snippet revealing that SpaceX COO and President Gwynne Shotwell had told a private investor event that Starlink could eventually IPO as an independent company. While undeniably important, a SpaceX source – after confirming the news – also told Reuters reporter Joey Roulette that it would be “several years” before the company might kick off the process of a Starlink IPO.
While a seemingly small piece of information at face value, the fact that SpaceX is years away from a potential Starlink IPO implies that the company is incredibly confident in where it stands today. Given that SpaceX only started ramping up its Starlink production rates and launch cadence a handful of months ago, that apparent confidence – assuming SpaceX’s respected President and COO isn’t lying to the faces of prospective investors – is no small feat.
Thanks to that production and launch cadence ramp, SpaceX is likely in the midst of one of the most capital-straining periods its Starlink program will ever experience. As a private company, SpaceX’s balance sheets are a black box to the public, but it’s safe to say that the it’s going through – or has already gone through – a phase of “production hell” similar to what Tesla experienced when it began building Roadsters, Model S/Xs, and Model 3s.
Building satellites like cars
In less than 12 months, SpaceX has effectively gone from manufacturing zero satellites to mass-producing something like 2-4 Starlink spacecraft every single day, almost without a doubt smashing any records previously held in the industry. It’s possible that companies like Planet (now the owner of the second-largest private constellation) or Spire have built more spacecraft in a given period, but SpaceX’s satellites are at least an order of magnitude larger, on average.
Around 260 kg (570 lb) apiece, SpaceX has built and launched a total of 240 spacecraft – together weighing more than 60 metric tons (135,000 lb) – in less than nine months. Furthermore, the company not only intends to crush that average but wants (if not needs) to do so for several years without interruption.
Back in May 2019, CEO Elon Musk confidently stated that he believes SpaceX already has all the capital it needs “to build an operational [Starlink] constellation”, likely referring to at least ~1500 operational communications satellites – launches included. This is why competitors should be moderately terrified that SpaceX isn’t even privately pushing for an IPO sooner than later. Perhaps the single biggest reason modern companies pursue IPOs is to raise substantial capital – usually far more than can be practically (or quickly) raised while private when executed successfully.
A step further, “several years” should mean titanic changes for SpaceX’s Starlink constellation if everything goes as planned. In 2020, SpaceX has publicly stated that it will attempt as many as 20-24 dedicated Starlink launches, an achievement that would translate to a constellation more than 1600 satellites strong by the end of the year. SpaceX says that 24 launches (20 if the first four missions are subtracted) is enough to offer global coverage and plans to begin serving customers in the northern US and Canada as early as this summer.
As of now, SpaceX has performed three 60-satellite Starlink launches total in the last three months – two in January 2020 alone – and Starlink V1 L4 (the fourth v1.0 launch and fifth launch overall) is scheduled to lift off just two days from now on February 15th. If Musk and Shotwell are correct and SpaceX can launch at least one or two thousand satellites without raising any additional capital, the constellation – potentially reaching those numbers by early to mid-2021 – may already have hundreds of thousands of customers by the time more funding is needed. 2000 Starlink v1.0 satellites, for reference, would theoretically offer enough collective bandwidth for more than 500,000 users to simultaneously stream Netflix content in 1080p.
As of early 2019, SpaceX had raised a total of $2B in venture capital, investments, and debt. Thus, even in the unlikely event that 100% of that funding goes to Starlink, the company would ultimately have to spend $500-700M annually from 2018 to the end of 2021 to run that large pool of capital dry by the time 1000-2000 satellites are in orbit.
500,000 customers paying $50-100 per month by the end of 2021 would conservatively allow Starlink to generate $300-600M in annual revenue, excluding the likely possibility of even more lucrative government or commercial contracts. In other words, if SpaceX can accumulate an average of 20,000 paying subscribers per month between now and the end of 2021, Starlink could very well become self-sustaining at its current rate of growth – or close to it – by the time SpaceX is hurting for more funding. In a worst-case scenario, it thus appears all but certain that “several years” from now, SpaceX’s Starlink program will have at least a few thousand high-performance satellites in orbit, an extensive network of ground stations, and a large swath of alpha or beta customers by the time IPO proceedings begin.
Given that all that potential infrastructure would easily be worth at least $1-2B purely from a capital investment standpoint, Starlink’s ultimate IPO valuation – under Shotwell’s patient “maybe one day” approach – could be stratospheric.
Check out Teslarati’s Marketplace! We offer Tesla accessories, including for the Tesla Cybertruck and Tesla Model 3.
Tesla Cybertruck’s three configurations are all the same on the outside from an appearance perspective, but they differ slightly in price, range, performance, and other features. After yesterday’s price adjustment, Tesla’s Base All-Wheel-Drive Cybertruck is now priced at $74,990, a far cry from the $59,990 it started at several months ago.
At $60,000, the Cybertruck All-Wheel-Drive is a steal: no pickup, electric or gas-powered, comes close in terms of overall driving capability thanks to Steer-by-Wire; no truck is more fun to drive at that price, and add in Full Self-Driving for $99 per month, and you truly have the best possible pickup on the market, at least if you’re planning to use it for driving.
I unfortunately didn’t have the equipment to test towing and payload and how it impacts the truck.
But at $75,000, is it still worth it? Obviously, the question gets to be more difficult because of the $15,000 difference. But there’s still an argument.
I spent the last week with this awesome truck, and when I took it back, I was sad because it truly is the best Tesla in the lineup. I formerly said the Model S was my favorite Tesla, but after a week with Cybertruck, I can easily say it would be my choice over the now-defunct all-electric sedan.
What makes it so great? Well, a lot of things, and there are some things that I’d like to see change. However, this is a truck that truly has a serious argument for those who are thinking of trying something completely different.
Exterior and Interior
This build comes with 18″ Molten Wheels as the standard offering, but 20″ Core Wheels with 35″ tires are also available. The standard wheel option on this affordable model is not my favorite, but it can be easily swapped for something more attractive.
Overall, this particular build did have some panel gap issues that were especially noticeable between the hood and both front quarter panels. This is obviously not an “across the board” issue, as the Cyberbeast I took home for comparative reasons was significantly better overall.
It’s 📐 week. Cybertruck AWD!!! pic.twitter.com/0hkmTQDQYk
— TESLARATI (@Teslarati) August 19, 2026
The interior is different, with its textile material instead of the vegan leather. Personally, I missed the leather due to the ventilated seats, but I prefer the textile as I personally felt like they were more comfortable. This is something I’d definitely consider if I were between the three trim levels and money was not really an issue.
After 610 miles on Monday in this thing, I did not feel any different than I did when I left my house that morning. It feels like a living room on wheels; after a long drive, you truly do not feel as if you’ve been in a car all day long.
My biggest interior complaints were that I’d like at least two USB-C ports in the front; you are confined to just one, and it’s hidden in the center console. The rear row has two ports. Additionally, the windshield is super difficult to clean, so if you end up buying one of these, save your back and get something that extends.
Driving Performance and Comfort
One of the most surprising things about Cybertruck is the fact that it is perhaps the smoothest ride of any Tesla available. Most believe it might be rough, stiff, and rugged like most trucks, maybe not as forgiving on the back and bottom as you sit in it for an extended period of time.
I’m here to tell you, you won’t regret sitting in a Cybertruck for a long drive.
I put as many people who dislike EVs, don’t like Cybertrucks, or use trucks for work, and judge the Cybertruck in this thing in the past week. Every single person who got in this truck loved it: they loved the speed, the handling, FSD, the space, the capability, and the feel.
As previously noted, even after hundreds of miles and 14 hours spent driving around Pennsylvania, I didn’t feel tired, exhausted, or in any hurry to come home. I would have driven another 300 miles without question.
Final Thoughts
If I had my choice of the three Cybertruck trims, I think I’d take the All-Wheel-Drive for a few reasons. Initially, the price is more attractive, it is not that stripped of features, and it has everything I need.
Is it worth it at $75,000? I believe it is. I’ve driven trucks that are at a higher price point and consider this to be a better product from a driving and experience perspective. However, other pickups on the market have more towing capacity, payload capacity, and range. They do not have FSD or steer-by-wire, the two things that truly make the Cybertruck in a league of its own.
I can’t think of a time in recent memory that I’ve been this excited to drive a vehicle each day, and I literally look for excuses to drive my Model Y on a daily basis. This Cybertruck just blows the Model Y out of the water in every possible way, at least in my opinion. With the size, performance, and driving experience, there is no better Tesla out there.
You can check out the full video review below. If you have any questions about the Cybertruck AWD, be sure to reach out and let me know:
🚨FULL REVIEW of the unbelievable Tesla Cybertruck AWD 📐 pic.twitter.com/S0wHALl87K
— TESLARATI (@Teslarati) August 26, 2026
Elon Musk
County vote hands Elon Musk’s Vegas tunnel network a huge new target
Clark County approved 19 more Vegas Loop stations, pushing Boring Company’s entitled total to 123.
The Boring Company just got permission to nearly double how far Vegas Loop can reach. Clark County commissioners approved 19 additional stations for the underground transit system, bringing the total entitled to 123, the company said in a post on X thanking the county for the vote. Elon Musk’s tunneling company also flagged the direction it sees the project heading long term. “Because Loop is point-to-point with no intermediate stops, in the limit, one could have a Loop station in every driveway,” the company wrote.
That framing captures how far the ambitions have moved. The Vegas Loop opened its first stretch of tunnel in 2021 and has grown its footprint through a string of county approvals since. In 2023, commissioners signed off on 18 additional stations, part of a plan that later doubled the system’s target to 69 stations across 65 miles. By the end of that year the company was describing a build out closer to 93 planned stations. Last year the long term design called for 104 stations across 68 miles of tunnel. The new approval pushes that number to 123, another jump in a project that keeps outgrowing its own blueprints.
The Boring Company gets approval for more stations in Las Vegas
Station count on paper is still well ahead of what riders can actually use. As Teslarati reported earlier this month, the network has about 11 open stations and has carried more than 4 million passengers since it began running, with newer stops at Fontainebleau and Sahara among the latest additions to the Strip corridor. A tunnel connection to Harry Reid International Airport remains under construction and has already slipped past its original first quarter target. The company is also racing to finish a Westgate to Paradise Road segment that Las Vegas Convention and Visitors Authority CEO Steve Hill has said it hopes to have running in time for November’s Formula 1 race.
The gap between entitled stations and operating ones is where the real story sits. Regulatory approval gives Boring Company the legal runway to keep tunneling toward new resorts, residential pockets and eventually the airport, but building each connection still comes down to boring machines, fire safety sign offs and construction timelines that have slipped before. The company’s Prufrock series machines set an internal record in March with a 2.28 mile tunnel near Westgate, evidence that construction has been picking up even as the list of approved destinations grows faster than the tunnels themselves.
Musk’s driveway comment reads as aspirational rather than a near term plan, but it fits how Boring Company has talked about Vegas Loop from the start: treat every approval as a floor, not a ceiling, and keep pushing county officials for room to dig.
SpaceX announced today that it would expand its launch capabilities into a new U.S. state: Louisiana.
Today, SpaceX, in conjunction with the Louisiana Economic Development Office, said that it will establish a new launch facility, which it will call Starbase, Louisiana. It will be located near Vermilion Parish, supporting thousands of launches each year, at least eventually.
CEO Elon Musk commented by stating, “Starbase Louisiana will ultimately have over a dozen launch towers, enabling more than 30 Starship flights per day and making it the biggest launch site on Earth!”
Starbase Louisiana will ultimately have over a dozen launch towers, enabling more than 30 Starship flights per day and making it the biggest launch site on Earth!
SpaceX makes sci-fi real. https://t.co/C7Ht0U12ba
— Elon Musk (@elonmusk) August 25, 2026
The expansion is SpaceX’s latest move to push its launch cadence to be more frequent than ever. SpaceX said that Starbase, Louisiana, will be built to “support thousands of Starship flights a year,” with the first coming in 2029.
SpaceX announced the new facility in partnership with the Louisiana Economic Development Office as it will bring a major influx of jobs and investments into the area. Currently, it will produce more than 3,000 new jobs in Louisiana, and SpaceX plans to invest at least $100 billion into the entire facility, ensuring that many jobs are created as a result.
Environmental Responsibility
SpaceX acknowledges the impact launches could have on marshlands, local wildlife, and water sources. Here’s how the company plans to help with the issues in Vermilion Parish:
- Restoring the Shoreline: “In Vermilion Parish, the shoreline is eroding between 3.3 and 23 feet per year. We’re partnering with state and federal agencies to expand Louisiana’s Coastal Master Plan and Coastal Wetlands Planning, Protection and Restoration Act projects, including Gulf shoreline protection breakwaters designed to reduce wave energy and slow loss along the Gulf edge.”
- Rebuilding the Marshlands: “In working with the state, we’re planning thousands of acres of marsh creation using beneficial-use placement of dredged material and offshore sediment sources. Restoration will also include interior marsh bank stabilization and rebuilding marsh in remnant canals. These projects can reconnect fragmented wetlands, restore natural buffers against storms, and return habitat that has been lost to erosion and historic canalization.”
- Preserving Coastal Wildlife: “Pecan Island and nearby wetlands are high-value habitat for migratory waterfowl, shorebirds, wading birds, and other coastal wildlife. SpaceX is not developing the full footprint of the land and will preserve wetlands and wildlife habitat. At existing launch sites, waterfowl and other birds continue to use nearby habitat during operations. Working with wildlife agencies, landowners, and conservation groups, SpaceX will support monitoring and management so this habitat stays productive and hunting, fishing, birding, and other recreational activities that are part of this coast’s culture can continue.”
SpaceX shares rose about 2.5 percent on the news.
Tesla Cybertruck AWD is a steal at $60k, is it still at $75k? Full Review
County vote hands Elon Musk’s Vegas tunnel network a huge new target
