Cloudflare Inc (NYSE:NET) shares got a boost on Wednesday following reports the company is working with SpaceX.
What To Know: Elon Musk’s SpaceX is working with Cloudflare to improve the performance of its Starlink satellite internet service, according to a report from The Information, citing a person with direct knowledge of the matter.
The report indicates the two companies are working on ways to increase Starlink’s points of presence, which is the company’s network of mini data centers. If Cloudflare can help boost data center performance, SpaceX will be able to offer faster network speeds and improve bandwidth.
As of May, Starlink had approximately 1.5 million subscribers using its network of satellites.
See Also: Elon Musk’s SpaceX Rockets To $140 Billion Valuation Following Recent Share Sales By Investors Adding $61 Billion To Musk’s Net Worth
NET Price Action: Cloudflare shares closed Wednesday up 5.55% at $63.12, according to Benzinga Pro.
Photo: Steven Straiton from Flickr.
