According to Dolphin Research, it has been reported that Elon Musk's space exploration company, SpaceX, achieved profitability in the first quarter of this year due to a surge in revenue. The report states that SpaceX's revenue for the first quarter was $1.5 billion, with a profit of $55 million. The company's annual revenue for 2022 is $4.6 billion, with a loss of $559 million. In addition, the report points out that SpaceX is investing heavily in advancing its projects, with total expenditures of $5.2 billion last year, higher than the $3.3 billion in 2021.
This rare insight into SpaceX's financial situation allows the market to understand the company's operations as it expands its Starlink satellite internet service and transports payloads to space with its giant Starship. The Starship is crucial to the company's success as it will enable faster deployment of more satellites to its Starlink network and open up new avenues for commercial rocket services.
So far, SpaceX, led by Tesla's Elon Musk, has launched nearly 5,000 Starlink internet satellites. Since its launch, the service has grown to over 1.5 million users in less than three years.
Last month, reports indicated that SpaceX's valuation was close to $150 billion. Copies of the acquisition offer letter from SpaceX CFO Bret Johnsen revealed that the company has reached agreements with both new and existing investors to sell up to $750 million worth of stock at a price of around $81 per share. The company has not announced any plans to raise new capital, and the acquisition offer represents a secondary sale of existing stock. In April of this year, Tesla stated that it &#34;does not expect to raise funding&#34; to further support Starship, Starlink, and other projects. SpaceX typically conducts two secondary financings per year, providing employees and other shareholders the opportunity to sell their stock.

TSLA

According to reports, Elon Musk's space exploration technology company SpaceX achieved profitability in the first quarter of this year due to soaring revenue.

Revenue surge drives Tesla's subsidiary SpaceX to achieve profitability in the first quarter of this year.