SpaceX eyes $20 billion in sales in 2024 on Starlink strength
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The figures represent a rare look into the finances of SpaceX, founded and led by Mr Elon Musk.
PHOTO: REUTERS
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San Francisco – SpaceX is on track to book revenues of about US$9 billion (S$12.2 billion) in 2023 across its rocket launch and Starlink businesses, according to sources familiar with the matter, with sales projected to rise to around US$15 billion in 2024.
Sales for Starlink, in particular, are expected to outpace and exceed the launch business in 2024 as the product becomes available in more regions around the world, according to the sources, who asked not to be identified as the information is private.
Starlink will then represent the majority of SpaceX revenue, the sources said.
The figures represent a rare look into the finances of the Elon Musk-led company, which sells commercial space on its reusable rockets as well as Internet beamed down from a constellation of satellites.
It also has deals with the United States National Aeronautics and Space Administration to ferry astronauts to and from the International Space Station and run resupply missions.
A tender offer at SpaceX earlier in 2023 valued the company at about US$150 billion, Bloomberg previously reported.
SpaceX is on track to register earnings, excluding some items, of more than US$3 billion, some of the sources said.
The Information previously reported on the projected operating profits.
Representatives for the company, formally Space Exploration Technologies, did not respond to requests for comment.
Starlink offers high-speed Internet connection for a monthly fee and a one-time charge for the ground receiver hardware needed to connect to its satellite constellation.
Mr Musk previously said that spinning off Starlink in a public listing could be possible as its cash flows become more predictable.
The company has pledged billions of US dollars to build out the constellation.
Mr Musk has said there will be a cap to how much money the launch business will make, while Starlink could eventually reach revenues of US$30 billion a year.
While financial details have been sparse for the closely held company, SpaceX’s president and chief operating officer Gwynne Shotwell said earlier in 2023 that it had already achieved a cash flow positive quarter and would make money this year.
Last week, Mr Musk posted on the X social media platform that Starlink had reached cash flow breakeven. BLOOMBERG
