A leading satellite company announced a major milestone on Tuesday, continuing its progress in using satellites to provide internet coverage.
Here's the latest on Starlink, a SpaceX brand.
What Happened: SpaceX announced a major milestone for its Starlink company, a satellite unit that has been used in the war between Russia and Ukraine.
"Starlink now has more than 1,000,000 active subscribers — thank you to all customers and members of the Starlink team who contributed to this milestone," the SpaceX Twitter account tweeted.
Starlink is owned by SpaceX, a company founded by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk. Since the Twitter acquisition, Musk now splits his time leading Twitter, Tesla and SpaceX.
The news comes as SpaceX is rumored to be seeking a $140 billion valuation in the sale of insider shares. The company was valued at $125 billion in May 2022.
Starlink comes with a cost starting at $110 per month and a one-time hardware cost of $599.
Related Link: Elon Musk's Starlink Files For Data Imagery, GPS Location Trademarks, Why This Expert Says They're 'Something To Pay Attention To'
Why It's Important: Starlink has become a candidate for internet connectivity for countries with limited options and people who live in rural areas.
With the addition of Antarctica, Starlink is now available on all seven continents.
Starlink also launched Starlink Aviation, Starlink for boats and Starlink for governments as added catered service offerings.
Many airlines and cruise lines are turning to Starlink for dependable internet while in areas that are far from land.
Starlink also received praise from the U.S. government and Ukraine over the help it has provided to Ukraine during its fight against Russia.
News of Starlink hitting the milestone comes as fans of Musk and SpaceX have been eagerly awaiting a spinoff or public offering for Starlink. Musk has said previously this would happen when the company's revenue is more predictable.
In October, Musk said Starlink was far from cash flow positive, an announcement that could delay a SpaceX or Starlink IPO further.
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Photo: Starlink satellites in Ukraine via Shutterstock