Elon Musk, the chief executive officer of SpaceX, announced on Thursday that the corporation’s four-year-old satellite internet business segment, Starlink, has reached breakeven cash flow. He shared the announcement on his own social media network, X (Formerly Twitter), in a post.
He said that Starlink “is also now a majority of all active satellites and will have launched a majority of all satellites cumulatively from Earth by next year.”
It needs to be clarified if the breakeven achievement applies to the entire quarter or just a certain amount of time. Whatever the case, the accomplishment raises the possibility that SpaceX is very close to going public with Starlink through an initial public offering (IPO), as Musk had previously stated the business would do if cash flow stabilised.
Gwynne Shotwell, president and chief operating officer of SpaceX, said previously this year that Starlink was on its way to a cashflow positive quarter in 2022, suggesting that its financial results were starting to become more predictable.
Defence-Focused Version of Starlink by SpaceX
Image Source: economictimes.indiatimes.com
At present, there are over 5,000 satellites in Starlink’s mega-constellation, all of which were set up by SpaceX rockets. SpaceX released the first functional Starlink birds in 2019, and the business’s capacity to evolve to an extent that far outpaces competitors can be attributed to this vertical integration.
Following that time, the network has expanded to include almost 2 million users across a variety of sectors, including consumer, marine, and aviation.
Starlink has been in the headlines lately because of its involvement in a number of global conflicts, such as the recent war in Ukraine and, just lately, the confrontation between Israel and Hamas. Currently, SpaceX launched Starshield, a variant of Starlink which is primarily focused on defence, indicating the Pentagon’s intent on acquiring satellite internet capabilities.
SpaceX is estimated to be worth 150 billion dollars. The Wall Street Journal wrote in September that the corporation recorded a total of $1.4 billion in earnings the previous year.
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