SpaceX is discussing an initial public offering for its fast-growing Starlink satellite business as soon as late 2024, people with knowledge of the matter said, in a bid to capitalize on robust demand for communications via space.

To get ready, SpaceX has been moving the satellite unit’s assets to a wholly owned subsidiary that would ultimately be spun off in the IPO, said one of the people, who asked not to be identified because the conversations are private.