Elon Musk says SpaceX’s Starlink business ‘achieved breakeven cash flow’
Elon Musk says SpaceX’s Starlink business ‘achieved breakeven cash flow’

The higher stage of a Falcon 9 rocket deploys a stack of Starlink “V2 Mini” satellites in orbit.


SpaceX CEO Elon Musk introduced Thursday that the corporate’s Starlink satellite tv for pc web business “achieved breakeven cash move.”

“Excellent work by an important crew,” Musk mentioned in a put up on his social media platform, X, previously generally known as Twitter.

Musk didn’t specify whether or not that milestone was hit on an working foundation or for a specified time interval.

Earlier this 12 months, SpaceX President and Chief Operating Officer Gwynne Shotwell mentioned Starlink “had a cash flow positive quarter” in 2022, and the general SpaceX firm reportedly turned a profit within the first quarter of 2023.

SpaceX’s valuation has soared to about $150 billion, with Starlink seen as a key financial driver of the corporate’s objectives. Two years in the past, Musk emphasised that making Starlink “financially viable” required crossing “by means of a deep chasm of destructive cash move.”

Musk has discussed spinning off Starlink to take it public through an initial public offering as soon as the business was “in a clean crusing scenario.” But timing of a Starlink IPO stays unsure. Last 12 months, Musk instructed staff that taking the business public wasn’t doubtless till 2025 or later.

“Being public is unquestionably an invite to ache,” Musk instructed SpaceX staff in 2022. “And the inventory worth is simply distracting.”

Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

Starlink is the worldwide communications community that Musk’s firm has been constructing, with greater than 5,000 satellites launched and counting.

It started providing Starlink service about three years in the past, initially focusing on the patron market. Most not too long ago, SpaceX has mentioned Starlink has upward of two million subscribers, having expanded into other markets — together with nationwide safety, enterprise, mobility, maritime and aviation — and disrupted the existing satellite communications sector.

Last month, SpaceX introduced the opening of a brand new satellite tv for pc antenna manufacturing facility in Bastrop, Texas, which is close to Austin.

Don’t miss these tales from CNBC PRO:

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *