Elon Musk’s SpaceX witnessed a rise in profits during the first quarter of 2023, according to financial details seen by The Wall Street Journal.
The report highlighted that the company secured a profit of $55 million with a revenue generation of $1.5 billion during this period.
However, the broader picture for the entire 2022 fiscal year shows a different story, with SpaceX incurring a loss of $559 million on a revenue of $4.6 billion. Despite this loss, the company managed to reduce its deficits while doubling its revenue compared to the previous year.
This in-depth insight into SpaceX’s financial stance sheds light on the company’s performance as it aggressively propels its Starlink satellite internet service and accelerates the development and deployment of the colossal Starship rocket.
Yesterday, SpaceX had back-to-back Starlink launches.
The Starship initiative remains pivotal for the future of SpaceX. This venture will not only expedite the expansion of the Starlink satellite constellation but will also pave the way for a new era in commercial spaceflight, bringing onboard clients seeking launch services.
However, with great ambitions come significant expenses. The Wall Street Journal report further pointed out that SpaceX’s expenditure surged to $5.2 billion in 2022, marking a considerable increase from the $3.3 billion spent in the preceding year.
