Elon Musk has announced that SpaceX’s Starlink satellite internet service has achieved breakeven cash flow. Musk revealed the news on X, where he also shared that Starlink now accounts for the majority of all active satellites.
Starlink is also now a majority of all active satellites and will have launched a a majority of all satellites cumulatively from Earth by next year.
— Elon Musk (@elonmusk) November 2, 2023
This achievement marks a notable turnaround for SpaceX’s satellite internet service. Just last year, Musk acknowledged that Starlink was still incurring losses and expressed his primary goal of preventing the business from going bankrupt. In 2022, the company experienced a loss of $559 million despite generating revenue of $4.6 billion.
However, it appears that the company has made substantial progress since then. Earlier this year the company had its first profitable quarter. Additionally, just a few months ago SpaceX also reached the breakeven point on production costs for the Starlink antenna.
Gwynne Shotwell, SpaceX President and COO, had previously stated that they anticipated making a profit in 2023. SpaceX’s valuation has climbed to approximately $150 billion, largely due to the potential economic impact of Starlink.
While Musk has contemplated taking Starlink public through an IPO, he mentioned that this would likely occur in 2025 or later, citing the challenges of being a public company.
Starlink launched a new promotion this week in Canada, offering a 33% discount on both new and refurbished Starlink hardware.