SpaceX and Tesla CEO Elon Musk has high hopes for his "Starlink" satellite Internet service.Starlink is just getting started, but Musk tweeted that he expects the service to double in speed later this year, from 150 Mbps to 300 Mbps. He tweeted that he expects the service to double in speed later this year, from 150 Mbps to 300 Mbps.

In addition to increased speeds, Musk claims that latency (the time it takes for a signal to travel from its destination and back) will be reduced to 20 milliseconds. If true, Starlink would compete with high-speed cable Internet.

Starlink has recently begun a limited rollout of satellite Internet service. The appeal of satellite Internet lies in its mobility. Since there is no need to lay physical cables, even those living in rural areas can access high-speed Internet.

Reservations for Starlink began earlier this month, and speed tests have already been conducted by users. Here are some of the speed tests Mask has responded to: [In this instance, latency is the time it takes for a signal to make a round trip from a satellite in low earth orbit (LEO). Depending on how the Starlink constellation works, the end result would be 12,000 satellites orbiting the Earth at any given time. And being in LEO means shorter signal travel distances.

As for coverage, it will be a truly global network. However, Musk made it clear in a tweet that Starlink will work best in low to moderately populated areas. In urban areas, cellular internet will always dominate. And, of course, urban areas tend to have multiple Internet service providers to choose from.

Starlink charges users $99 per month, plus an initial equipment fee of $500. While this may seem expensive, Musk hopes that this will be the first satellite Internet constellation that does not go bankrupt. SpaceX has also petitioned the FCC for an inexpensive plan for low-income users. If approved, Starlink could offer service for as low as $9.25 per month. At this time, users in the northwestern U.S., parts of Canada, and some other areas can sign up for this service.