SpaceX is poised to achieve approximately $9 billion in revenue this year, with projections indicating a potential increase to about $15 billion by 2024. Sources familiar with the company’s financials, who requested anonymity due to the private nature of the information, suggest that the growth will be driven significantly by the Starlink internet service, reports Bloomberg.
Starlink, SpaceX’s satellite-based high-speed internet service, is anticipated to surpass the company’s traditional rocket launch business in revenue next year as it expands globally. This shift would mark Starlink as the predominant source of SpaceX’s income. Last week, Musk said Starlink achieved break-even cash flow.
The financial insights into Elon Musk’s SpaceX reveal the company’s dual revenue streams: commercial space launches, including reusable rockets, and the Starlink internet service. SpaceX also collaborates with NASA, conducting astronaut transport and resupply missions to the International Space Station.
Earlier valuations from a tender offer placed SpaceX’s worth at around $150 billion, as reported by Bloomberg. The company is also expected to report earnings before certain items exceeding $3 billion, building on information from The Information about projected operating profits.
SpaceX has not officially commented on these financial details. The company’s president and COO, Gwynne Shotwell, had previously indicated a cash flow positive quarter and profitability for the current year. Musk, in a recent post on the X social media platform, stated that Starlink had achieved cash flow breakeven.
Starlink’s business model includes a monthly service fee and a one-time payment for the necessary ground receiver hardware. Musk has mentioned the possibility of Starlink’s future public listing once its cash flows stabilize. SpaceX has committed billions to expand the satellite constellation, with Musk noting that while the launch business has a revenue ceiling, Starlink could potentially generate up to $30 billion annually.
