Elon Musk-led SpaceX has secured more than 500,000 orders for its super-fast, satellite-based internet service Starlink, the company said on Tuesday.
What Happened: Starlink, which is currently in the beta phase, is a SpaceX venture designed to beam down the internet, especially in remote areas from satellites in orbit to Earth.
SpaceX offers the service at $99 a month and an additional $499 one-time cost for the kit that includes a user terminal and Wi-Fi router to connect to the satellites.
To date, over half a million people have placed an order or put down a deposit for Starlink, said Siva Bharadvaj, a SpaceX space operations engineer, during a broadcast of SpaceX's latest launch of Starlink satellites.
At those rates, and if the 500,000 orders go through, that will add up to $594 million in revenue per year and $249.5 million more if the one-time $499 cost is thrown in as well.