(Reuters) – Elon Musk’s SpaceX plans to spin off its internet venture, Starlink and pursue an initial public offering for the unit, Bloomberg reported on Thursday, citing the rocket company’s chief operating officer, Gwynne Shotwell.

“Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public,” Shotwell was quoted as saying at a private investor event hosted by JPMorgan Chase & Co in Miami.

SpaceX did not immediately return calls from Reuters seeking comment.

Musk said last year that Starlink venture was an important new revenue stream for his California-based Space Exploration Technologies, or SpaceX.

The private rocket company launched the first batch of 60 small satellites into low-Earth orbit in May for Starlink internet service.

Reporting by Ayanti Bera in Bengaluru; Editing by Anil D’Silva

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