Elon Musk stated that SpaceX will generate nearly $16 billion in revenue this year, and industry assessments suggest that Starlink's revenue has exceeded $12 billion

On Tuesday (June 3), Elon Musk stated on his social media platform that SpaceX is expected to generate approximately $15.5 billion in revenue this year. This figure is higher than last year's estimate of $11-13 billion.

According to previous media reports, SpaceX's annual revenue in 2022 was only $4.6 billion, which means that revenue has more than doubled in three years. By the end of last year, the company's valuation had reached $350 billion.

SpaceX's revenue growth mainly relies on two major business segments: Falcon 9 rocket launch services and Starlink satellite internet services. The former dominates the global launch market due to reusable technology and competitors' technical issues; the latter has become the biggest driver of revenue growth.

Notably, Musk also specifically mentioned that SpaceX's "commercial revenue" will exceed NASA's entire budget next year. The White House has proposed to cut NASA's budget for the next fiscal year from the current nearly $25 billion to $18.8 billion.

Starlink Becomes a Cash Flow Star, Launch Business Sets Records

Consulting firm Quilty Space estimates that Starlink's revenue will grow from $7.8 billion in 2024 to $12.3 billion this year. This means that the Starlink business will account for nearly 80% of SpaceX's total revenue.

Starlink has not only captured home users from competitors but has also established a growing government business and attracted corporate clients such as United Airlines and Deere. As of February this year, Starlink has over 5 million customers worldwide, with its user base doubling from 2023 to 2024.

Musk previously stated that Starlink would go public once cash flow becomes more predictable, but he has not specified a timeline. In November 2023, Musk mentioned that Starlink had achieved cash flow breakeven.

In terms of launch services, SpaceX completed a record 134 Falcon rocket launches in 2024, becoming the world's most active launch operator. This year, the company plans to complete up to 170 launch missions and has already completed 62 launches.

The reusable features of the Falcon 9 and Falcon Heavy rockets significantly reduce launch costs, allowing SpaceX to capture a substantial share of the global launch market.

Huge Investments Behind the Mars Dream

Elon Musk emphasized that most of SpaceX's revenue is directly invested in the Starship project, which is key to his plan for Mars colonization. This rocket, which stands about 400 feet tall, is referred to by the company as "the most powerful rocket ever."

SpaceX's Chief Financial Officer Bret Johnsen stated at an industry event in March that Starship is a massive undertaking. The estimated cost of each Starship launch is about $100 million, and Musk's goal is to reduce that cost to around $10 million.

However, Starship has yet to demonstrate a complete mission success. The most recent launch flew farther than ever before but ended with the rocket spinning out of control.

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