SpaceX Sets Sights On $15B In Sales For 2024, Banks On Starlink's Expansion

SpaceX is likely to register sales close to $9 billion this year while projecting a leap to around $15 billion in 2024, disclosed insiders knowledgeable about the matter.

As Bloomberg reported, Starlink, SpaceX’s satellite internet service, is expected to overtake the rocket launch division in terms of sales next year. This is due to the service becoming accessible in more international regions.

The privately held company, led by Elon Musk, provides commercial space on its reusable rockets along with satellite-based internet. Notably, SpaceX also has contracts with NASA for astronaut transportation and resupply missions to the International Space Station.

See Also: ‘Groking Will Become Like Googling’ – Elon Musk’s High Ambitions For xAI’s First AI Product Involves Making It A Verb

Earlier this year, a tender offer valued SpaceX at approximately $150 billion. The company is on course to register earnings, excluding certain items, of more than $3 billion this year, according to sources.

Starlink, offering high-speed internet for a monthly fee plus a one-time charge for the required ground receiver hardware, has the potential to reach revenues of $30 billion per year, as per Musk. The company has invested billions in constructing this satellite constellation.

Last week, Musk announced on a social media platform that Starlink had achieved cash flow breakeven. The company’s president and COO, Gwynne Shotwell, confirmed earlier this year that SpaceX had a cash flow positive quarter and would turn a profit this year.

Read Next: ‘Tesla Is Back’: Jim Cramer Expects Stock Rally, Elon Musk To Outsmart UAW’s Shawn Fain

Photo via Shutterstock.

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