James Altucher, a technology commentator, dropped a new video on Tuesday dissecting Starlink’s path toward a possible stock market debut. The presentation shifts focus from the satellite network’s satellites to the web of companies, logistics firms, and operators that keep it running across aviation, shipping routes, rural areas, and disaster zones.

Starlink has evolved since its early days as Elon Musk’s SpaceX experiment into a global internet provider beaming service from low-Earth orbit. Altucher points out that this orbital approach sidesteps the limits of undersea cables and ground-based towers, reaching spots long ignored by traditional providers. Now, with IPO rumors heating up, he predicts a wave of scrutiny on the full operational stack.

“IPOs act as turning points,” Altucher states in the video. Public markets demand transparency, pulling back the curtain on partners handling deployment, maintenance, and scaling. He draws parallels to past tech rollouts, like broadband and mobile networks, where the spotlight eventually hit suppliers and service providers after the main players went public.

Early in the presentation, Altucher name-checks a specific company linked to Starlink’s logistics and integration efforts. He frames it not as investment advice but as a concrete illustration of how these ecosystems operate in the shadows until a public filing forces disclosure. Details on the company’s role emerge through visuals of satellite launches, ground station builds, and user terminal distributions.

The video runs viewers through Starlink’s growth metrics: thousands of satellites in orbit, service in over 100 countries, and contracts with airlines like JSX and ships traversing Pacific trade lanes. Altucher stresses coordination among dozens of entities—from manufacturers of user dishes to firms managing data routing—makes the system hum. An IPO, he argues, would map these connections for investors and regulators alike.

Released from Baltimore, Maryland, via GlobeNewswire, the presentation arrives amid fresh speculation on Starlink’s valuation. SpaceX has not confirmed plans, but filings and executive comments hint at a 2026 listing that could value the unit at $137 billion or more, according to analysts. Altucher’s take urges viewers to look beyond the hype.

He positions Starlink not just as a connectivity tool but as critical infrastructure, akin to power grids or highways. Public status would cement that role, he says, while exposing vulnerabilities like supply chain dependencies. The video includes charts tracking satellite deployments since 2019 and projections for 42,000 birds aloft by decade’s end.

Altucher, known for books like ‘Choose Yourself’ and podcasts on tech disruption, has long tracked how innovations scale. This latest effort aims to demystify Starlink’s backend before Wall Street piles in. He wraps by noting that true value lies in the system’s resilience, not just subscriber counts, which topped 4 million last year.

Neither SpaceX nor the highlighted company responded to requests for comment by Wednesday evening. Altucher’s video, available online, has drawn views from investors eyeing the IPO window.