12:53 PM EDT, 03/19/2024 (MT Newswires) -- (Updates with commercialization of satellite laser links in third paragraph.)

SpaceX, which is owned by Tesla (TSLA) Chief Executive Elon Musk, is not planning to launch an initial public offering of its Starlink unit anytime soon, Chief Operating Officer Gwynne Shotwell said at an industry conference Tuesday, according to Bloomberg.

"We are not focused on an IPO for Starlink right now," Shotwell said, Bloomberg reported. She said the company is instead looking to improve the satellite service, including transmission speeds.

Shotwell was quoted as saying SpaceX will begin offering its Starlink satellite laser links as soon as this summer to other satellite providers, which involves installing lasers on satellites to allow them to communicate and share data.

SpaceX did not immediately respond to a request for comment from MT Newswires.

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