A stack of 60 SpaceX Starlink satellites float in orbit above the Earth. Source: SpaceX

SpaceX took a first step toward offering its Starlink internet service in Australia, after the country's telecommunications regulator gave initial approval for the satellite network. The Australian Communications and Media Authority (ACMA) added SpaceX Services to its "Foreign Space Objects Determination" list, according to government filings on Jan. 24. The amendment means that SpaceX will be able to apply for key licenses to communicate between its satellites and "earth stations" on the ground in Australia. It's an important foot in the door for SpaceX, as the company must have regulatory approvals in place for countries it wants to connect to Starlink's broadband services. Two years ago SpaceX got approval from the Federal Communications Commission to provide Starlink services in the U.S.

Starlink is SpaceX's plan to build an interconnected network of about 12,000 small satellites, to provide high-speed internet to anywhere in the world. It's a project SpaceX has steadily been raising capital for, as President and COO Gwynne Shotwell said two years ago "it will cost the company about $10 billion or more" to build the Starlink network. Last year SpaceX raised over $1.3 billion in new funding, with recent investor Ontario Teachers noting the future growth potential of Starlink. If SpaceX can overcome the technological challenges of building and distributing this service, the company is optimistic on its potential demand and revenue. SpaceX CEO Elon Musk in May estimated that Starlink could bring in revenue of $30 billion a year – or about 10 times the highest annual revenue it expects from its core rocket business.

Steps remaining before Starlink serves Australia