🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

US agency will not reinstate $900-million subsidy for SpaceX Starlink unit

Economic TimesEconomic Times · 1y ago
US agency will not reinstate $900-million subsidy for SpaceX Starlink unit
Medial

The US Federal Communications Commission (FCC) has reaffirmed its decision to deny SpaceX's Starlink satellite internet unit $885.5 million in rural broadband subsidies. The FCC cited Starlink's failure to meet program requirements and its inability to demonstrate the promised service. The agency pointed to SpaceX's inability to successfully launch its Starship rocket, stating it could impact Starlink's ability to fulfill its obligations. SpaceX expressed disappointment and confusion over the decision, while dissenting Republican commissioners suggested the Biden administration's animosity towards Elon Musk played a role. Starlink currently has around two million subscribers.

Related News

Internal pre-Starlink SpaceX financials show big spending on moonshot bets

TechCrunchTechCrunch · 1y ago
Internal pre-Starlink SpaceX financials show big spending on moonshot bets
Medial

Confidential financial reports from SpaceX reveal the company's dependence on its Starlink business unit and the launch of its Starship rocket to achieve positive cash flow. The reports, from 2018 and 2019, show that while SpaceX's revenue increased to $1.98 billion in 2018 and $1.45 billion in 2019, the company operated at a net loss of -$308 million and -$501 million respectively. SpaceX's focus on the Starlink and Starship programs is evident through its spending on research and development. Despite this, SpaceX has seen significant growth and now has over 2.5 million customers for its satellite internet service. However, the launch of the Starship rocket is essential for expanding the capacity and reach of the Starlink network.

Download the medial app to read full posts, comements and news.