SpaceX reportedly turned a profit in the first quarter

SpaceX turned a nett during the archetypal 4th acknowledgment to surging revenue, the Wall Street Journal reported Thursday, citing documents detailing the privately-held company's quarterly and yearly results.

The Journal reports that SpaceX posted a first-quarter nett of $55 cardinal connected gross of $1.5 billion. For the afloat twelvemonth 2022, Elon Musk's rocket institution posted a nonaccomplishment of $559 cardinal connected gross of $4.6 billion, the study says. It astir halved losses portion doubling what it brought successful in 2021.

The uncommon look astatine SpaceX's financials offers a hint into however the institution is faring portion it ramps up its Starlink net outer work and races to get its monster Starship rocket delivering payloads to space.

Starship is cardinal to SpaceX's occurrence going forward. It volition let the institution to adhd much satellites to its Starlink web much quickly, and volition unlock a caller avenue for commercialized rocket work arsenic SpaceX brings connected motorboat clients.

The institution is spending heavy to beforehand its projects: SpaceX tallied $5.2 cardinal successful full expenses past year, up from $3.3 cardinal the twelvemonth earlier, according to the Journal.

SpaceX didn't instantly instrumentality petition for remark from CNBC.

Read the full study astatine the Wall Street Journal.