Elon Musk, the CEO of SpaceX, announced on Thursday that the company’s Starlink business has achieved cash flow breakeven, reigniting hopes for its initial public offering (IPO).

Musk expressed his excitement about the achievement, stating that Starlink now constitutes the majority of all active satellites and is expected to launch the majority of all satellites from Earth cumulatively by next year.

Although Musk’s post left some users confused about whether he was referring to SpaceX as a whole or just the Starlink business segment within SpaceX, it was previously reported this year that SpaceX made a small profit of $55 million in the first quarter of 2023, suggesting that Musk is specifically referring to Starlink.

In 2015, SpaceX indicated in a presentation that its satellite division would generate $12 billion in revenues and $7 billion in operating profits by 2022. Despite achieving cash flow breakeven, the segment is still lagging behind the initial projections.

SpaceX, a privately held company recently valued at $150 billion, does not publicly disclose its finances like Musk’s publicly traded company, Tesla. Therefore, obtaining financial and performance details can be challenging.

Starlink, SpaceX’s satellite-based broadband internet service, operates using satellites in low Earth orbit. In September, SpaceX announced that the service is available in over 60 countries with over 2 million active customers. To date, SpaceX has launched around 5,000 Starlink satellites into orbit.

Three years ago, Musk mentioned that SpaceX would likely take Starlink public when its revenue growth becomes “stable and predictable.” He also stated that retail investors would have priority in the eventual IPO.