The implications of a publicly traded Starlink are far-reaching, with the space industry poised for transformative changes.
Elon Musk, the visionary entrepreneur and founder of SpaceX, took to social media to deny reports suggesting that the rocket company was considering an Initial Public Offering (IPO) for its satellite internet business, Starlink, as early as 2024. Musk dismissed the rumors as “false” in response to a Bloomberg News report shared on the social media platform X.
Background of Starlink’s IPO Rumors
This statement contradicts previous indications from Musk, who had expressed his intention to list Starlink once its revenue growth and cash flow reached a stable and predictable state. Musk has consistently demonstrated a strategic approach to taking companies public, and Starlink appears to be no exception to this pattern.
SpaceX, with an estimated networth of $150 billion, has been a trailblazer in the private space industry. It achieved the historic feat of becoming the first private company to send humans into orbit, leaving competitors like Jeff Bezos’ Blue Origin scrambling to keep pace with innovations such as reusable rockets that significantly reduce launch costs.
The recent denial comes in light of speculation that SpaceX has been restructuring Starlink by moving its assets to a wholly-owned unit, fueling rumors of an impending IPO. However, Musk’s insistence on the inaccuracy of these claims suggests that the company may have different plans for the future of Starlink.
Justus Parmar, founder and CEO of Fortuna Investments, speculated on Musk’s strategy, stating, “I believe he (Musk) will take Starlink out, not next year, but maybe 2025, 2026. He’s waiting for a level of stability or predictability in revenue.” Parmar believes that when the Starlink IPO eventually happens, it will serve as an “extremely strong catalyst for everything space-related.”
The implications of a publicly traded Starlink are far-reaching, with the space industry poised for transformative changes. The injection of capital and increased investor interest could accelerate advancements in space technology, further propelling space exploration and satellite-based services.
Starlink’s Impressive Growth
Starlink has risen to become the world’s largest satellite operator, revolutionizing global internet connectivity. It recently signed a contract to provide free internet in Mexico until the end of 2026, further solidifying its market position.
Additionally, the Starlink satellite network has garnered attention for its ability to deliver high-speed internet anywhere worldwide by deploying satellites in low Earth orbit. With over 2 million subscribers globally and around 5,000 supporting satellites launched, Starlink has become a major player in the satellite internet market.
Moreover, SpaceX’s strategic moves extend beyond its technological achievements. The company has allegedly invested in a massive advertising campaign on X (formerly Twitter). This campaign aims to promote Starlink’s internet services, focusing specifically on the client base in Australia and Spain, showcasing Musk’s commitment to expanding the reach of Starlink on a global scale.
While the exact timeline for Starlink’s IPO, if ever, is unknown, Musk’s denial, combined with Starlink’s recent accomplishments and strategic moves, positions the company as a key player in the future of satellite internet services and the broader space industry.
- SpaceX’s Bitcoin liquidation triggered a massive drop in Bitcoin’s price
- A double top pattern suggests more weakness might come
- The measured move hints at further downside into the $20k area
Bitcoin price failed at the $30k level twice this year. After rallying from $16k, it formed a possible double top pattern that should worry investors.
The latest sign of weakness came last week. News that Elon Musk’s SpaceX liquidated its entire Bitcoin stash sent the price lower. More precisely, SpaceX sold Bitcoin worth $373 million.
It was one of the largest daily liquidations by volume in history. In just 20 minutes, Bitcoin price crashed by more than 7% on outflows bigger than during the FTX collapse.
SpaceX sold its Bitcoin holdings after Tesla did the same last year. More precisely, Tesla sold last year 75% of its Bitcoin holdings.
So what does it mean for Bitcoin price, and can the market bounce back?
A double top pattern might have formed at $30k
Since the start of the year, Bitcoin price have doubled. The rally was so powerful that it triggered a wave of enthusiasm among cryptocurrency investors.
But the failure to hold above $ 30k led to the formation of a possible double top pattern.
A double top is a reversal pattern with a measured move equal to the distance from the top to the neckline, projected from the neckline. The chart above shows the two tops formed at the $30k area and the neckline at the $25k area.
Therefore, the measured move equals $5k and, if projected from the neckline, suggests that Bitcoin might see $20k sooner rather than later.
The only way for bulls to get back in control is for Bitcoin to break above the double top area (i.e., $30k). For now, however, the bias is bearish, and the focus is on a potential bearish breakout below the neckline.
After Tesla (NASDAQ: TSLA) CEO Elon Musk revealed that his company would be launching a Dogecoin-themed space mission, questions have been raised regarding the exact date for the event.
However, the mission dubbed “DOGE-1 Mission to the Moon” is reportedly still on course, with individuals close to the matter acknowledging there have been delays. Indeed, space reporter Michael Sheetz, through a tweet on June 29, stated that the mission is slated for later this year noting that the likely date will be December 2022.
In 2021, Musk, as part of his support for Dogecoin (DOGE), revealed that SpaceX would be unveiling the Dogecoin-themed lunar mission in 2022. The mission is a partnership with Unizen, ZenX Labs, and energy tech firm Geometric Energy Corporation (GEC).
Lunar mission’s delay
According to Sheetz, the mission’s progress was confirmed by Sam Reid, the CEO of Geometric Energy Corporation (GEC), who noted that the Intuitive Machines are dictating the mission’s progress.
“Reid confirmed that DOGE-1 remains manifested as rideshare with SpaceX’s Falcon 9, but Intuitive Machines’ IM-1 lunar lander is the primary payload and dictates launch timing – hence the delay,” he said.
While announcing the news after his appearance on Saturday Night Live, Musk stated that Dogecoin would become the first cryptocurrency used in space. For the mission, participants can book rooms funded entirely by Dogecoin.
Initially, the mission was set for the first quarter of 2022, with Musk promising to put Dogecoin “on the literal moon.”
Musk’s continued support for DOGE
The space mission announcement partly contributed to the meme cryptocurrency’s meteoric rise in 2021. Despite the recent market correction, Musk has affirmed that he continues to support the token by accumulating more of it.
However, Musk’s involvement in DOGE has stirred controversy after he was sued alongside SpaceX and Tesla for $258 billion. In the lawsuit by an American citizen, Musk is accused of pumping Dogecoin while alleging that the billionaire was involved in a racketeering scheme in supporting the coin.
In the wake of the space mission confirmation, Dogecoin has recorded a short-term rally despite the general crypto market correction. DOGE has made over 2% trading gains trading at $0.06 by press time.
Dogecoin DOGE/USD developers will roll out offline DOGE transactions using radio technology combined with SpaceX’s Starlink satellite network.
What Happened: In an April 11 blog post from the Dogecoin Foundation, developers Timothy Stebbing and Michi Lumin outlined how “RadioDoge” could enable DOGE transactions for people without internet access.
“RadioDoge focuses on using cheap and reliable Radio technology (HF/LoRaWAN) combined with the global Starlink satellite network to enable cheaply deployable, wide-scale access to Dogecoin for people outside the reach of the traditional internet infrastructure,” stated the developers.
Michi has a way of understating her work: This weekend at her radio tower (could be a tall tree on a hill, doesn’t need to be a tower she assures me!), the first regional hub connecting LoRa/HF radio ‘shib-stations (libdogecoin)’ to Starlink backhaul. 400+ mile radius. #radioDoge https://t.co/Kvp0AjVnjk pic.twitter.com/jaHivY5DMT
— Timothy Stebbing (@tjstebbing) April 11, 2022
Lumin spent the weekend setting up the RadioDoge “Regional Hub,” which will provide a testing ground for the new technology.
This week, developers expect the first transactions formed on Libdogecoin to be transmitted over 150 miles from HF Radio in Colorado to the Regional Hub.
The Regional Hub will then submit the transactions to the Dogecoin testnet via the Starlink satellite.
“While there is still a long way to go, these are exciting early steps toward realizing the goal of making Dogecoin an unstoppable financial vehicle, one which will empower financial freedom from power structures and provide a means of exchange for future generations,” said Stebbing and Lumin.
At the time of writing, it was not clear whether SpaceX and Tesla Inc TSLA CEO Elon Musk was aware of Starlink satellites’ role in Dogecoin’s new features in development.
See Also: Dogecoin Sees Sudden Spike As Tesla Features Mascot At ‘Cyber Rodeo’ Event
Price Action: According to data from Benzinga Pro, DOGE was trading at $0.014, up 4.20% in the last 24 hours.
A new Dogecoin (CRYPTO: DOGE)-knockoff called “Doge-1” that celebrates the DOGE-1 moon landing was announced Sunday.
What Happened: The Doge-1 token on the BSC Blockchain describes itself as a deflationary token that dishes out rewards in DOGE.
Q1 2022 Elon Musk will launch satellite Doge-1 to the moon! Doge-1 is a deflationary reward token in Doge.https://t.co/1zj84uCxGuhttps://t.co/7kLkhPsf7p#Doge #Dogecoin #Dogecointothemoon #BTC #Bitcoin #crypto #cryptocurrency #DOGE1 #Binance #BinanceSmartChain @elonmusk pic.twitter.com/61moKSWS2H
— Doge1 Mission (@Mission_Doge1) January 17, 2022
The project linked to Doge-1 said in a statement that the token comes with “investor protection” and there’s a limit on “how many tokens a wallet can hold and transact.”
The launch of yet another DOGE knockoff takes place amid warnings issued by Dogecoin co-creator Billy Markus. He broached the topic Sunday in a tweet.
would you invest in a company that just started a day ago, makes wild promises for riches and/or future work, has nothing to show for their words, and has random anonymous people behind it?
why do people “invest” crap tokens / NFT “metaverse” projects doing this?
¯_(ツ)_/¯
— Shibetoshi Nakamoto (@BillyM2k) January 30, 2022
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: In May, a Canadian company, Geometric Energy Corporation, announced the “DOGE-1 Mission to the Moon” aboard a SpaceX Falcon 9 rocket.
SpaceX is headed by Tesla Inc (NASDAQ:TSLA) CEO and DOGE-bull Elon Musk.
This is not the first time Markus has commented on Dog-themed rivals of his co-creation. Earlier in December, he had laid out the differences between Shiba Inu (SHIB) and DOGE, the latter is a token on the Ethereum (ETH) network. At the time Markus, had pointed to the high transaction costs attached with SHIB.
Markus’ warnings aside, some knock-off coins like ShibaDoge (SHIBDOGE) and Black Shiba Inu (SHIBB) have risen 610.1% and 164.4% over the last 30 days.
DOGE has dropped 19.7% in the last 30 days. Since the year began, it has fallen 20.7%.
Price Action: At press time, DOGE traded 3.6% lower over 24 hours at $0.14.
Read Next: Is It Getting More Profitable To Short Dogecoin Than Going Long Based On Elon Musk’s Tweets?
SpaceX launches… Tesla can’t stand the snow… Elon Musk embraces Dogecoin. It’s the free edition of Musk Reads #281 — subscribe now to receive two more emails later this week.
Last week, Musk Reads+ members heard from Rocket Lab CEO Peter Beck about how its unusually-shaped rocket enables new missions. This week, members will hear from the developers of an all-electric Tundra Buggy designed to get up-close with polar bears.
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Musk quote of the week: “The most entertaining outcome is the most likely” — Elon Musk tweeted on January 16 in response to Dogecoin creator Billy Markus’ claim that “something can be a joke and still useful.” If you’re feeling flippant, he’s right.
SpaceX: Falcon 9 has landed
SpaceX’s busy year is well underway. Earlier this week, on January 13, the company launched its Transporter-3 mission from Cape Canaveral at 10:26 a.m. Eastern.
The flight — the 10th for this particular Falcon 9 — landed smoothly shortly after its launch, at 10:35 a.m.
Next on SpaceX’s full list of plans? More Starlink. On January 15, Elon Musk tweeted that there are 1,469 active Starlink satellites (slightly less than the around-1,800 total satellites launched) and 272 satellites “moving to operational orbits,” with the satellites’ new laser links also set to activate soon.
And the network is growing — SpaceX was scheduled to launch its latest 49-strong round of satellites on January 18 at 7:04 p.m. Eastern. But if you’re one of the 145,000 Starlink buyers without service, consider this your reminder that Starlink has (frustratingly!) not provided a concrete coverage start date for its users. Still, you can obtain a full refund at any time.
Tesla: Slip and slide
Recently, the r/TeslaLounge subreddit has been full of Tesla owners sliding on winter’s icy black roads. If you’ve been on Twitter, you’ll see international complaints of Tesla Model 3 and Model Y heat pumps “seizing en-masse,” as one user put it, leaving owners with frozen windows and selves. Can Teslas handle this year’s cold?
Yes — with a bit of help. All cars can be prone to sliding on slick ice, so it’s important to prepare your vehicle for the change in weather and brush up on what to do if weather beats your all-wheel-drive. As for Tesla’s heat pump issue, although the problem might be a hardware defect, Elon Musk announced on January 15 that a software “fix to recalibrate heat pump expansion valve is rolling out now.”
Are you a Tesla owner experiencing issues in the winter? Do you have any handy winter tips and tricks to share with your fellow Musk Reads readers? Let us know in the comments or by responding to this email!
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10. On January 14, Elon Musk announced that Tesla merch is now “buyable with Dogecoin.” As long as it distracts from population collapse.
9. A team of former SpaceX engineers created a robot that makes pizza every 45 seconds. Insider reports that when SpaceX first built the robot, it caused a “cheese explosion” — which is known in the biz to be more delicious than a rocket explosion.
8. We may never get the once-again-delayed Cybertruck, but YouTuber Joshua Chang was able to grab his own $2,000, child-sized Tesla Cyberquad. Real children enjoyed the Cyberquad in his new video, but Chang was less thrilled with the price tag. It’s like a Barbie Jeep. But $2,000.
7. At least the baby Cyberquad has a well-functioning brake, unlike this delivered Model 3, which immediately needed a brake pad. And a new rotor. And a new caliper. Tesla said the screeching brakes were “normal.”
6. As cars get smarter, issues can show up in their software, too. Vice reports that a hacker was able to use a third-party app to remotely access “dozens of Tesla cars all over the world.” But the hacker stresses that the app is the issue, not Tesla.
5. California prosecutors sued a Tesla driver involved in a fatal 2019 crash that involved Autopilot. The defendant is the first “to be charged with a felony in the United States for a fatal crash involving a motorist who was using a partially automated driving system,” reports the Associated Press. Teslas are not autonomous. Stay safe!
4. Up in space, astronauts’ red blood cells are being torn apart. A bad case of space anemia.
3. But that blood isn’t going anywhere — astronauts on the International Space Station are “testing 3D bioprinted bandages made of their own cells.” Can I bioprint an extra thumb?
2. Hey, as long as we’re talking about space-blood, what happens if your bioprinted bandages just don’t cut it and you spontaneously space-die? Well… It’s complicated.
1. And a piece of Musk history: Sorry for all the blood and space guts this Musk Reads; I guess the January weather makes me aware of my mortality. Let’s lighten things up; remember October 2021, when Musk named his dog Floki and drove a cryptocurrency surge? That was fun, right?
The ultra-fine print — This has been Musk Reads #281, the weekly rundown of essential reading about futurist and entrepreneur Elon Musk. I’m Ashley Bardhan, newsletter writer at Inverse.
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