Elon Musk last week told SpaceX employees the company isn’t likely to take its Starlink satellite internet business public until 2025 or later.

“I’m not sure exactly when that [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

Musk emphasized, as he has previously, that the Starlink business needs to be “in a smooth sailing situation” with “good predictability.”

At that point, “I think spinning it off as a public company can make a lot of sense,” the SpaceX CEO said.

The latest timeline delay comes despite repeated questions from a variety of investors over the years about owning a piece of SpaceX, a stock which remains privately traded.

Musk previously targeted an offering as soon as this year, according to an email to SpaceX employees.

The email, sent by Musk in May 2019, said “it will probably make sense to take Starlink public in about three years or so.”

Musk then pushed back that estimate, saying in a tweet last year that it would be “at least a few years before Starlink revenue is reasonably predictable,” adding that “going public sooner than that would be very painful.”

Musk warned employees during his comments on Thursday that they “should not think of things going public as, like, a sure path to riches.”

“The public markets are fickle” and “really pistol-whip you if you don’t meet expectations,” he said.

“Being public is definitely an invitation to pain,” he told SpaceX employees Thursday. “And the stock price is just distracting.”