Starlink satellites were launched in a large stack on a Falcon 9 rocket. Photo: SpaceX/Forbes

While speaking at a JPMorgan Chase investor conference, SpaceX COO and President Gwynne Shotwell told reporters that the U.S. launch company plans to spin off its Starlink constellation business and pursue an IPO. Bloomberg first reported Shotwell’s comments Thursday at 12:48 p.m. EST — nearly the same exact time FCC Chairman Ajit Pai revealed his plans to compensate satellite operators for C-band spectrum.

“Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public,” Shotwell told Bloomberg. “That particular piece is an element of the business that we are likely to spin out and go public.”

Last week, SpaceX launched its fourth set of Starlink satellites on a Falcon 9 from Space Launch Complex 40 (SLC-40) at Cape Canaveral Air Force Station in Florida. The launch brought the total number of Starlink satellites launched to more than 240. SpaceX launched a batch of 60 Starlink satellites earlier this year on Jan. 7. Before that, 60 were launched both in May and November of 2019, and SpaceX also launched two prototype Starlink satellites in February 2018.

SpaceX plans for Starlink to provide fast, reliable internet service to unserved and underserved areas. Regulatory filings suggest that the company is planning for a constellation of at least 42,000 satellites.