SpaceX Turns Profitable After Two Years of Losses Under Elon Musk’s Leadership

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Under the leadership of Elon Musk, SpaceX, the space exploration company, has achieved profitability after two years of losses. According to the Wall Street Journal, in the first quarter of 2023, SpaceX reported revenue of $1.5 billion, with a net profit of $55 million.

Image Source: SpaceX

While SpaceX, founded in 2002, had kept its financial figures confidential for a long time, data obtained by the Wall Street Journal now reveals that the company has finally turned profitable after two years of reducing losses. In 2022, SpaceX faced cumulative losses of $559 million with revenue of $4.6 billion – twice the amount from the previous 12 months.

The primary sources of SpaceX’s revenue include contracts with governments and businesses for satellite launches. The company also collaborates with NASA, conducting crew and cargo transportation to the International Space Station (ISS). Additionally, through its subsidiary Starlink, SpaceX provides satellite internet services, serving around 1.5 million users worldwide as of May 2023.

SpaceX’s strategy of reusing the first stage of its Falcon 9 rockets has increased the frequency of its launches. The company has also raised prices for missions using the Falcon Heavy rocket, contributing to revenue growth.

Nevertheless, SpaceX has encountered challenges in developing its cutting-edge 120-meter-tall rocket, Starship. In April, the rocket experienced a loss of control during its debut test flight. SpaceX engineers are actively working to address the issues, with plans for a second launch attempt in the coming months.

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Martin Harris
I'm Martin Harris, a tech writer with extensive experience, contributing to global publications. Trained in Computer Science, I merged my technical know-how with writing, becoming a technology journalist. I've covered diverse topics like AI and consumer electronics, contributing to top tech platforms. I participate in tech events for knowledge updating. Besides writing, I enjoy reading, photography, and aim to clarify technology's complexities to readers.

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