SpaceX is planning to spin off Starlink as a publicly-traded company in the long-term. Besides, the company is developing its Crew Dragon space taxi alongside rival Boeing Co’s Starliner capsule. Elon Musk’s SpaceX is looking to raise about $250 million, taking the valuation of the American aerospace manufacturing and space exploration company to about $36 billion.
Musk-owned SpaceX has been launching Starlink satellites in batches of 60 since May, and at present, has roughly 300 satellites orbiting Earth to make the broadband internet service operational in the US and Canada by the end of 2020.
The revenue generated from the satellites in operation will help fund the development of its next-generation rocket dubbed Starship, which is designed to lift defence payloads to space and eventually, send humans to the moon, Elon Musk, CEO of SpaceX said earlier.