Satellite dreams of Elon Musk’s privately held SpaceX shares soar


Forget Tesla. Shares of Elon Musk’s Rocket Company are reaching new heights over growing excitement over their buried satellite business, The Post has learned.

Demand for privately held shares of SpaceX has jumped 25 percent in recent weeks, driven by fresh headlines about plans to launch a network of 12,000 pint-size satellites that have spread far and wide across the globe. Can beam high-speed Internet access to places.

A Wall Street source said, “We did some trading at just $ 340 per share, which brokers of such deals told The Post. The source said that SpaceX raised the stock from $ 270 per share value on August 18. It took a quarter, when SpaceX completed a week’s private share.

The circling rally means that the market capitalization for SpaceX is near $ 58 billion – more than $ 46 billion in August and more than double its valuation in April 2018, when shares were changing hands at $ 169 each.

It’s still a fraction of Tesla’s $ 400 billion market cap – Musk’s electric-car company, which has been on a market tear of its own, has grown more than 400 percent this year. Nevertheless, Tesla shares by comparison have risen only 17 percent since August 18.

SpaceX is known for its rocket launches, one of which took NASA’s astronauts into orbit in May for the first time in nearly a decade. Sources said that amid growing signs of smart-money investors, its satellite business known as Starlink may not be a money maker nor just a sci-fi fantasy.

For example, with Lockheed Martin, it is a risky business, phasing out its satellite-based telecom ops in 2001. But in August, SpaceX told regulators that Starlink was seeing “extraordinary demand” with “around 700,000 individuals” expressing interest in its services.

As a result, it sought permission from the Federal Communications Commission to offer 5 million user terminals, connecting consumers with 1 million of its Internet service.

In early September, SpaceX announced that StarLink’s Internet network was achieving a download speed of 100 megabits per second – fast enough for users to play video games and stream movies.

The biggest coup occurred earlier this week when a member of Washington State’s first-responder military team, which was using the StarLink system to provide web access to people in areas destroyed by wildfires, reviewed the service .

“I have never set up any satellite that is fast to set up and reliable anywhere,” Richard Hall, the leader of Emergency-Telecommunication at the IT Division of the Washington State Military Department, quoted StarLink.

Hall boasted about the service saying it “easily doubles bandwidth” with less delay in transferring data. And he praised the ease of its installation, which he said takes five to 10 minutes, compared to the normal 30 minutes to an hour.

Adding Musk this week, Musk teased the possibility that SpaceX could turn its satellite business into a separate, publicly traded company. “We will probably starlink the IPO, but only in the future when revenue growth will be smooth and predictable,” he said Said on tuesday In response to a tweet from a Tesla fan.

He said small investors would get “top priority”. You can catch it with me. ”

Since 2019, SpaceX has deployed about 650 satellites into orbit, and Bloomberg BusinessWeek says it plans to have more than 40,000 StarLinks in the sky, or 13 times the current number of satellites active in orbit.

By far the biggest opposition has come from astronomers who claim that SpaceX’s defeat of low-hanging satellites is already ruining their view of the night sky. Rick Finberg of the American Astronomical Society recently told The Post, “There’s almost no place in the sky that you wouldn’t see with a satellite.”

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