According to a report by The Wall Street Journal on Thursday, SpaceX achieved profitability in the first quarter as a result of a significant increase in revenue. The company’s quarterly and annual performance documents were cited as the source of this information.
As detailed in the report, SpaceX recorded a profit of $55 million during the first quarter, generated from $1.5 billion in revenue. In contrast, for the entirety of 2022, the aerospace firm, led by Elon Musk, reported a loss of $559 million alongside revenue of $4.6 billion. This data indicates a substantial reduction in losses compared to the previous year, while simultaneously doubling the earnings generated in 2021.
This rare glimpse into SpaceX’s financial situation sheds light on its performance as it accelerates the development of the Starlink satellite internet service and endeavors to establish its colossal Starship rocket as a reliable method for space payload delivery.
The success of SpaceX largely hinges on the advancement of the Starship project. This ambitious endeavor will enable the company to expand its Starlink network with greater efficiency and open up new opportunities for commercial rocket services as SpaceX secures additional launch clients.
(Source: Wall Street Journal)
