SpaceX Eyes $15B in 2024 Sales on Starlink Strength ($9B revenue in 2023)
bloomberg.com
bloomberg.com
SpaceX Eyes $15 Billion in Sales Next Year on Starlink Strength
By Edward Ludlow and Gillian Tan November 6, 2023 at 10:39 PM GMT+1
SpaceX is on track to book revenues of about $9 billion this year across its rocket launch and Starlink businesses, according to people familiar with the matter, with sales projected to rise to around $15 billion in 2024.
Sales for Starlink, in particular, are expected to outpace and exceed the launch business next year as the product becomes available in more regions around the world, according to the people, who asked not to be identified as the information is private. Starlink will then represent the majority of SpaceX revenue, the people 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 NASA to ferry astronauts to and from the International Space Station and run resupply missions. A tender offer at SpaceX earlier this year valued the company at about $150 billion, Bloomberg previously reported.
SpaceX is on track to register earnings, excluding some items, of more than $3 billion, some of the people said. The Information previously reported on the projected operating profits.
Representatives for the company, formally Space Exploration Technologies Corp., 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. Musk previously said that spinning off Starlink in a public listing could be possible as its cash flows become more predictable. The company’s pledged billions of dollars to build out the constellation.
Musk has said there will be a cap to how much money the launch business will make, while Starlink could eventually reach revenues of $30 billion a year. While financial details have been sparse for the closely held company, Gwynne Shotwell, SpaceX’s president and chief operating officer, said earlier this year that it had already achieved a cash flow positive quarter and would make money this year. Last week, Musk posted on the X social media platform that Starlink had reached cash flow breakeven.