Last month, there was news that Tesla's space exploration company SpaceX informed investors that it is expected to achieve a revenue of $8 billion in 2023, which is about twice the revenue of the previous year, with an operating profit of $3 billion.
By the first quarter of 2023, this revenue target has already been achieved, accounting for nearly a quarter.
SpaceX's performance has always been shrouded in mystery, but according to the latest internal document seen by The Wall Street Journal, SpaceX's revenue in the first quarter of 2023 was $1.5 billion, with a net profit of $55 million, turning losses into gains. SpaceX is not a publicly traded company and is not obligated to disclose its financial reports.
SpaceX's ability to turn losses into gains is due to its continuously soaring revenue.
The Wall Street Journal reported that SpaceX's revenue in 2022 doubled compared to the previous year, reaching $4.6 billion, with total expenses of approximately $5.2 billion, higher than $3.3 billion in 2021. The annual loss decreased from $968 million two years ago to $559 million.
As we all know, building rockets is a costly endeavor. Before turning losses into gains, SpaceX experienced two consecutive years of huge losses as the company invested a large amount of funds into a rocket project that has not yet succeeded and faces challenging technical obstacles.
Founded by Tesla, SpaceX has become the leading rocket launch company in the US market after more than 20 years of development, and has established a large satellite internet business.
SpaceX is also the only company that transports NASA astronauts to the International Space Station. A few years ago, SpaceX began handling national security space flights for the United States, ending the previous monopoly in this field by ULA.
After announcing the sale of internal shares last month, SpaceX's valuation has approached $150 billion, comparable to Intel and Disney.
While the first-quarter performance was exposed by the media, news of SpaceX selling Bitcoin caused market turmoil.
Earlier, according to The Wall Street Journal, documents showed that SpaceX wrote down the value of its Bitcoin holdings by $373 million in 2022 and 2021, and sold the cryptocurrency. Tesla had previously taken similar actions with its Bitcoin holdings. It is currently unclear when SpaceX sold the Bitcoin.
Affected by this news, Bitcoin plummeted from above $29,000 to around $27,500. In early Asia-Pacific trading on Friday, Bitcoin's decline widened, falling below $26,000 at one point, a drop of over 9% compared to the previous day, hitting a low not seen since mid-June.
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TSLA

Thanks to the soaring revenue, SpaceX, known for its technology-intensive approach, has finally turned its losses into profits.

Last year's revenue doubled, with first-quarter revenue of $1.5 billion and a profit of $55 million! Rare exposure of SpaceX's financial data.