SpaceX CEO Elon Musk announced on Thursday that the company’s satellite internet unit, Starlink, has achieved break even cash flow. Musk also revealed that Starlink currently represents the majority of all active satellites and is on track to launch the majority of all satellites from Earth by next year.

Starlink experienced significant growth last year, with revenue surging over six-fold to $1.4 billion. However, the company fell short of Musk’s targets, according to documents cited by the Wall Street Journal in September. Despite this, SpaceX remains highly valued at approximately $150 billion, solidifying its position as one of the world’s most valuable private companies.

This breakthrough for Starlink is a significant milestone, as it demonstrates the unit’s ability to generate sufficient revenue to cover its operational costs. The achievement of break even cash flow indicates that Starlink’s satellite internet service is gaining traction and attracting customers, contributing to its overall success.

In addition to achieving financial sustainability, Starlink’s dominance in the satellite market is noteworthy. With the majority of active satellites currently being operated by Starlink, the unit is solidifying its position as a major player in the space industry. Furthermore, its projected dominance in satellite launches from Earth next year further cements its position as a leader in the field.

Overall, SpaceX’s Starlink has made remarkable progress both financially and in terms of market share. As the unit continues to expand its customer base and improve its satellite internet service, it is set to become a key player in the telecommunications industry. With its success in achieving break even cash flow and establishing dominance in the satellite market, Starlink is poised for further growth and success in the future.