Elon Musk’s SpaceX will record revenue of about $15.5 billion this year, the billionaire said on Tuesday, underscoring the rocket maker’s growing dominance in the commercial space sector.
The company’s commercial revenue from space will exceed NASA’s budget of roughly $1.1 billion next year, Musk said in a post on X.
While NASA continues to fund deep space exploration and research missions, SpaceX has leaned on growing demand for cost-effective launch services and satellite communications to generate revenue.
The company is developing a 400-foot (122-meter) tall Starship rocket system, which the world’s richest person has said will play a crucial part in sending humans to Mars.
The company’s reusable Falcon 9 and Falcon Heavy rockets have significantly reduced launch costs, enabling SpaceX to secure a substantial share of the global launch market.
In 2024, SpaceX achieved a record-breaking year with 134 Falcon launches, making it the most active launch operator globally.
SpaceX is targeting to beat that record with 170 launches by the end of the year, the company said last week, as it attempts to meet growing demand for satellite deployment.
Still, SpaceX’s revenue is driven largely by its satellite internet service, Starlink, which Musk has said will go public, but has not provided a timeline.
In early November 2023, Musk reported that Starlink had achieved breakeven cashflow. Under the Starlink banner, SpaceX has deployed thousands of satellites to deliver broadband internet globally.
SpaceX and two partners have emerged as frontrunners to win a crucial part of President Trump’s “Golden Dome” missile defense shield, Reuters reported in April, citing six people familiar with the matter.
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