Elon MuskSpaceX told employees last week that it is unlikely to launch its Starlink satellite Internet business public until 2025. CNBC reported this information, and extended the expected timeline for an initial public sale.

“I am not certain when it was.” [IPO] is, but maybe it will be like – I don’t know, just guessing – three or four years from now,” Musk said at an all-hands meeting of the private company’s employees on Thursday, according to an audio recording obtained by CNBC.

Musk stressed, like he had previously, that Starlink’s business must have “a smooth sailing environment” and “good predictability.” Musk explained that it was possible for the Starlink business to be spun off into a public company.

The latest timeline for a Starlink IPO represents another delay and comes despite repeated questions from a variety of investors over the years to own a piece of SpaceX – a stock which remains privately traded.

According to CNBC’s email obtained from SpaceX employees, Musk had previously planned to offer an offering in the next year. Musk wrote in May 2019 that it would be “probably sensible to take Starlink public within three years or less.”

SpaceX’s CEO, then, retracted that estimate by tweeting last year saying that Starlink revenues would not be reasonably predictable for at least several years. He also said that going public earlier than that would have been very difficult.

CNBC reached SpaceX for comments on Musk’s remarks but they did not respond immediately.

SpaceX’s Starlink network uses thousands of satellites to bring high-speed Internet anywhere on Earth. Late last month, the company announced that it had acquired a new satellite network called Starlink. Starlink now has over 400,000 subscribers around the world. SpaceX launched approximately 2,500 satellites so far to help the system.

SpaceX provides a range of Starlink products, but the monthly base price is $110 and company subscriber statistics suggest that SpaceX’s annual revenue exceeds $500 million.

Musk advised employees on Thursday during his remarks that “they should not view things going public like a sure way to riches.”

Musk claimed that “the public markets are fickle” as well as “really pistol whipping you if it doesn’t meet your expectations.”

Musk had a rocky relationship with regulators of publicly traded companies. Musk settled fraud charges against the Securities and Exchange Commission for millions. This was in 2018 after he was accused of stealing a take-private company for electric vehicles. Tesla. He is also currently fighting with TwitterA proposal was made to make the social media company public.

SpaceX employees heard him say that “being public is certainly an invitation for pain.” The stock market is distracting.

SpaceX keeps raising billions to continue to build Starlink and Starship rockets. The company’s valuation hit $127 billion during its latest funding round.