SpaceX profitable in Q1
August 18, 2023
By Chris Forrester
A set of preliminary accounts for SpaceX shows that “soaring revenues” helped Elon Musk’s rocket and broadband company to a modest profit in Q1 2023, according to the WSJ. The report says SpaceX achieved $55 million (€50.6m) in profits on $1.5 billion of revenues in Q1.
Over the previous two years, SpaceX has invested huge sums in R&D ($1.3 billion in 2022) and has a value of about $150 billion based on recent stock sales.
The document cited by the newspaper talks of expenses of some $5.2 billion for the whole of 2022, up from $3.3 billion in 2021. Overall revenue for 2022 doubled to $4.6 billion.
The WSJ does not quote subscriber numbers for SpaceX’s Starlink division. However, a separate source looked at the financial filing made by its European HQ (in Dublin) for the 2021 period which suggests total European subscribers were at about 18,000.