SpaceX is poised to report $9 billion in revenue for this year and is projected to hit $15 billion in sales in 2024, according to undisclosed sources.
The figures offer a rare glimpse into the financial health of the company led by entrepreneur Elon Musk.
SpaceX generates revenue through two core businesses: launching payloads into space aboard its reusable rockets and providing internet services through its Starlink constellation.
Starlink, the internet service venture, is expected to outpace the revenue from the launch business next year as its services expand to additional regions across the globe.
This shift will result in Starlink accounting for the majority of SpaceX’s revenue.
The specifics of SpaceX’s earnings have been closely guarded, but it is recognized that the company’s valuation recently reached approximately $150 billion in a tender offer earlier this year.
While the company did not respond to requests for comments, it is noteworthy that SpaceX is projected to register earnings exceeding $3 billion, excluding certain items.
Musk has been optimistic about the prospects of Starlink, suggesting it might be spun off in a public listing as the service’s cash flows become more predictable.
SpaceX has committed substantial investments to expand its satellite constellation and deliver high-speed internet services.
For 2023, Starlink’s revenues are anticipated to exceed $10 billion, as Musk envisions the service achieving annual revenues of $30 billion.
Earlier this year, SpaceX President Gwynne Shotwell announced that the company had already achieved a cash flow-positive quarter and was on track to become profitable.
Last week, Musk indicated on a social media platform that Starlink had reached cash flow breakeven.