SpaceX Considering IPO

Market Overview
Read time 1.9 minutes

Year To Date Performances:

1. SpaceX is actively considering an IPO for its rapidly expanding Starlink satellite division, possibly by late 2024, leveraging the growing interest in space-based communication services. In preparation for this move, SpaceX is restructuring to transition Starlink into a separate, wholly-owned subsidiary ahead of the public offering. Elon Musk has hinted at a Starlink IPO for several years, emphasizing the need for a more predictable cash flow before proceeding. Despite Musk's previous statements suggesting the IPO might be years away, the recent swift expansion of Starlink – which operates a network of over 5,000 satellites and offers high-speed internet in over 60 countries – has led to a revised timeline. With SpaceX projecting substantial revenues from Starlink next year, the IPO could capitalize on the division's significant growth and the substantial investments made in its satellite network.

2. On the day of Starbucks' popular Red Cup promotion, the company is facing the largest strike organized by a union in its history. Over 200 Starbucks locations nationwide are affected as baristas, united under Starbucks Workers United, walk out in protest. The core issue driving the strike is the persistent problem of understaffing, which the employees say becomes especially challenging during promotional events like the Red Cup giveaway. The union is calling for changes, including the temporary suspension of mobile ordering on such high-demand days, to better manage the workload and improve working conditions. Alongside this widespread strike, Starbucks employees in New York City are intensifying their legal action against the company. They have filed 14 additional complaints, alleging violations of the city's labor laws regarding employee scheduling. These new complaints add to a growing list of grievances that have been mounting since February, reflecting an ongoing conflict between the company and its workforce.

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4. Headlines

   1. The US Senate has passed a new bill to prevent a government shutdown.

   2. Walmart has seen great success with its Q3 earnings coming in significantly above expectations after a weak Q2.

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   ¹ Count determined as the number of unique email addresses in StartEngine’s database as of 10-6-2023.}

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