SpaceX eyes $15 billion sales in 2024 on the back of Starlink

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. Starlink will then become the biggest cash cow for revenue, the people said.

SpaceX is on track to book revenues of about $9 billion this year.

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 the internet-beaming 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 from 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 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 pledged billions of dollars to build the constellation.

For next year, Starlink will account for more than $10 billion of total sales, according to one of the people. 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.