Shift4 stock surges after signing payments deal with SpaceX’s Starlink

- Advertisement -


  • Shares of payment processing company Shift 4 traded lower on Wednesday after SpaceX announced a five-year partnership with Starlink satellite internet service.
  • “Starlink is a cornerstone, global customer opening up opportunities around the world by serving business on a global scale, Shift4’s [total addressable market] Expands across all the verticals we offer,” the company said.
  • Jared Isaacman, Shift 4’s founder and CEO, became an astronaut in particular when he flew into orbit with SpaceX in September on the historic Inspire 4 private mission.

- Advertisement -

Shares of payment processing company Shift 4 traded lower on Wednesday after SpaceX announced a five-year partnership with Starlink satellite internet service.

- Advertisement -

“Starlink is a cornerstone, global customer opening up opportunities around the world by serving business on a global scale, Shift4’s [total addressable market] “We continue to expand across all verticals,” the company said in an investor letter published alongside its third-quarter results.

Shift 4 stock jumped 14% from its previous trading of $58.72 per share.

- Advertisement -

Starlink is SpaceX’s project to build an interconnected Internet network with thousands of satellites, known in the space industry as a constellation, designed to deliver high-speed Internet to consumers anywhere on the planet. Elon Musk’s company has launched 1,740 Starlink satellites to date, and the network has more than 100,000 users in 14 countries who are participating in a public beta that costs $99 a month for the service.

Shift4 outlined that it would begin converting Starlink “domestic payment volume” to its services in the next 120 days. Based on Morgan Stanley’s estimates of SpaceX’s potential revenue growth, the payments company sees the SpaceX partnership as a “massive” opportunity, assuming $100 billion in Starlink subscription payments over the long term.

According to the company’s website, Shift4 processes more than 3.5 billion transactions annually for more than 7,000 partners.

Jared Isaacman, Shift 4’s CEO, became an astronaut in particular when he flew into orbit with SpaceX in September on the historic Inspire 4 private mission.

SpaceX’s valuation has soared in recent years to surpass $100 billion, which industry analysts attribute in large part to the market potential of its Starlink service.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox