SpaceX is expecting in a big boost in Starlink revenue next year, thanks to the increasing availability and interest in its satellite internet service.
According to a report by Bloomberg, citing unnamed sources, Starlink revenue is set to generate approximately $9 billion this year, with projections indicating a 67% growth to $15 billion in 2024.
Starlink satellite internet service has rapidly transformed an industry from an expensive novelty into a cost-effective and accessible option for people in remote areas where traditional broadband infrastructure falls short. In September, Starlink announced it had connected over 2 million customers, meaning that Starlink added around 500,000 subscribers in about five months, indicating the growing demand for its services.
Paired with over 5,000 active low-Earth orbit satellites and global coverage, Starlink is positioning itself as the primary revenue driver for SpaceX in the coming year.
SpaceX also generates income from its commercial space endeavors and contracts with NASA, however Starlink’s expansion is set to outpace the company’s launch business. SpaceX’s journey towards profitability is making steady progress, with earnings projected to exceed $3 billion.
Elon Musk has even suggested that while the launch business has its limits, Starlink’s revenues could eventually reach $30 billion annually.
The company recently hit a milestone of achieving breakeven cash flow, suggesting an initial public offering (IPO) might not be too far off in the future.
