Lockheed Martin Corporation (NYSE: LMT), Tesla Motors, Inc. (Nasdaq: DSLA) – Starling has received over 500,000 orders; Elon Musk says the challenge will be when there are ‘millions’ of users on the Internet

Elon Musk-led SpaceX has received more than 500,000 orders for its high-speed, satellite-based Internet service Starling, the company said Tuesday.

What happened: Starling, which is currently in the beta phase, is a SpaceX initiative designed to access the Internet, especially in remote areas away from satellites in orbit.

SpaceX offers $ 99 a month service and an additional $ 499 one-time kit that includes a user terminal and WiFi router to connect to satellites.

“To date, more than half a million people have placed an order or put down a deposit for Starling,” SpaceX space operations engineer Siva Bhardwaj said during the launch of SpaceX’s latest Starling satellites.

At those rates, 500,000 orders would fetch $ 594 million a year in revenue and $ 499 in one-time expenses, an additional $ 249.5 million.

SpaceX has previously stated that orders are “fully refundable”, and that there may be limits to service designed to go anywhere on earth, with no guarantee on deposits.

See also: Starling begins bookings, Kasturi eyes IPO on cash flow forecast

Why this is important: Kasturi, who leads Tesla Inc. (Nasdaq: DSLA), On Twitter, said that “mostly,” 500,000 pre-orders would all be delivered, and that Starling would face a “high challenge” only when the number of users was running into the millions.

Interest in the space-based web network is increasing as more and more companies are focusing on capabilities. Security Contractor Lockheed Martin Corps (NYSE: L.M.T.) Space unit Affiliated with Omnispace LLC To create something similar and direct competition with SpaceX.

The space-based network will eliminate the need for ground terminals and deliver 5G capabilities directly from space to telecommunications devices.

Price action: Shares of Tesla fell 1.65% to close at $ 673.60 on Tuesday.

Photo J.D. வீசல் On Wikimedia

© 2021bensinga.com. Benzinga did not offer investment advice. All rights reserved.

Sophia Harrison

Part time worker

I'm Sophia Harrison working as a part-time staff at the Costco since the past year until I become as an author at the iron blade, hope I can use my experiences with the supermarkets here.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top