Fri. Sep 29th, 2023
SpaceX’s Starlink Revenue Surges in 2022, but Falls Short of Targets

SpaceX’s satellite internet venture, Starlink, saw a significant increase in revenue last year, reaching $1.4 billion, according to the Wall Street Journal. However, the company failed to meet the revenue and operating profit targets set by CEO Elon Musk in a 2015 presentation. The initial projection estimated that Starlink would generate nearly $12 billion in revenue and $7 billion in operating profit by 2022.

In addition to falling short of revenue targets, Starlink’s customer acquisition rate was slower than expected. By the end of 2022, the unit had a little over a million active subscribers, whereas they had anticipated reaching 20 million subscribers by the end of the year.

Despite these setbacks, Starlink remains in the spotlight for its crucial role in providing satellite communications to Ukraine during its conflict with Russia. Furthermore, the network of over 4,000 satellites in low Earth orbit secured a contract with the U.S. Department of Defense for its services.

CEO Elon Musk had previously stated that SpaceX would consider listing Starlink once its cash flow becomes predictably stable. The company’s surging revenue helped it turn a small profit in the first quarter of 2023 after reporting losses in previous years.

SpaceX has yet to comment on the matter.