Tesla CEO Elon Musk on Tuesday announced that he plans to invest up to 30 billion dollars in his satellite internet service. The project called Starlink aims to deploy thousands of low-orbit satellites for providing high-speed internet in isolated and poorly connected areas.

Musk said that Starlink has already deployed over 1,500 satellites. By August, Starlink would be able to provide high-speed internet everywhere in the world except for the North and South Pole, Musk said at the Mobile World Congress in Barcelona.

The billionaire said he expects to invest “at least five billion dollars, and maybe as much as ten billion” in Starlink before the service has a positive cash flow.

“Then over time it is going to be a multiple of that, and that would be 20 or 30 billion dollars. It is a lot basically,” he added.

The satellite internet service, Musk’s ambitious project, currently has 69,000 active users spread across a dozen countries. The entrepreneur said that Starlink was on its way to having a few hundred thousand users in the next 12 months.

Musk’s firm SpaceX, which operates Starlink, has requested authorisation from US regulator the Federal Communications Commission (FCC) to deploy up to 42,000 satellites to provide the satellite internet service.

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Starlink has several competitors including OneWeb, a broadband satellite communications company acquired by a consortium of investors comprising the UK government and Sunil Mittal-led Bharti Global, and Amazon subsidiary Kuiper.