SpaceX was profitable throughout the first quarter, according to reports

According to records describing the privately held company’s quarterly and annual statistics, the Report claimed Thursday that SpaceX made money during the first quarter as a consequence of rising revenue.

According to report, SpaceX reported a first-quarter profit of $55 million on $1.5 billion in revenue. According to the research, Elon Musk’s rocket company lost $559 million in 2022 while having $4.6 billion in revenue. It nearly cut losses in half while increasing revenue by twofold in 2021.

The rarely look at SpaceX’s financials provides an insight into how the business is doing as it builds up its Starlink internet satellite service and strives to get its enormous Starship rocket launching payloads into space.

Future success of SpaceX depends on Starship. As SpaceX adds launch customers, it will enable the business to expand its Starlink network of satellites more swiftly and open up a new market for commercial rocket service.

The business is investing a lot of money to advance its projects. According to the Journal, SpaceX reported $5.2 billion in total expenses last year, an increase from $3.3 billion the year before.

Topics #Elon Musk #first quarter #profitable #SpaceX