Elon Musk, CEO of SpaceX, announced on Thursday that Starlink Satellite Internet business had "achieved breakeven" cash flow.
Musk didn't specify if the milestone was reached on an operational basis or for another specified time period.
SpaceX's value has increased to approximately $150 billion. Starlink is seen as the key economic driver for the company's objectives.
Elon Musk, CEO of SpaceX, announced on Thursday that Starlink Satellite Internet business had "reached breakeven cash flow".
Musk wrote on his social media platform X, "Excellent teamwork by a great group."
Musk didn't specify if the milestone was achieved on an operational basis or for a specific time period.
Gwynne shotwell, President and Chief Operation Officer of SpaceX, said earlier this year that
Starlink had a positive cash flow quarter in 2022
SpaceX is a company that was founded in 2003.
Reportedly, a company turned a profit
In the first quarter 2023.
SpaceX's value has skyrocketed
About $150 billion
Starlink is seen as the key economic driver for the company's objectives. Musk said two years ago that to make Starlink "financially feasible" it was necessary to "cross a deep chasm with negative cash flow."
Starlink was spun off to be sold through an IPO
Once the business "was in a smooth sailing position." The timing of a Starlink IPO is still uncertain. Musk told his employees last year that he didn't expect to take the company public until 2025.
Musk told SpaceX's employees in 2022 that "publicity is an invitation to pain." "And the stock is just distracting."
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Starlink is a global communications network.
The company has been developing, with over 5,000 satellites already launched.
Starlink was launched in the early 2000s, initially aimed at the consumer market. SpaceX recently announced that Starlink had upwards of two million subscribers.
Expanded into other markets
Including national security, enterprise mobility, maritime, and aviation
Satellite communications disrupted
SpaceX announced last month the opening of its new satellite antenna production facility in Bastrop (Texas), which is located near Austin.