Latest News by Industry
By Ishika Dangayach, 3:40 PM ET
Elon Musk's company Space X says it currently has around90,000 subscribers to its Starlink satellite internet service.
The company provided an update on Starlink's growth on July29, during a conference call with Federal Communications Commission officials.It appears that the new subscriber figure is based on the number of houses thathave Starlink dishes, CNBC reported.
Musk claimed in late June that the business had crossedthe strategically significant level of 69,420 active users at theend of June.
Starlink, which is presently run by SpaceX, allowsindividuals to connect to the internet via a satellite dish that is installedon or near their property. Starlink satellites, which were launched into orbitby SpaceX, transmit the internet down to the dish.
Musk estimated Starlink may cost SpaceX between $5 billionand $10 billion to become fully operational and then as much as $20 billion to$30 billion in long-term investment, as the firm continues to provideimprovements and stay competitive against advancements in cellular technology,he said.
The company currently sells the Starlink kit for $499, whichincludes a user terminal and a small dish antenna to connect to the satellites,and charges $99 a month for the service.
Tesla CEO Elon Musk predicted in June the firm might reachthat number of customers by summer 2022, according to SpaceX's statement to theFCC.
Over 1,700 satellites have been launched as part of theStarlink constellation, making it the world's biggest constellation.
The company is also deploying next-generationsatellites, Starlink gave an overview to FCC. New Starlink satelliteswill have faster speeds, reduced latency, and greater backhaul capacity, SpaceXclaimed.
With inputs from CNBC