SpaceX’s satellite internet venture, Starlink, experienced a significant increase in revenue last year, reaching $1.4 billion, according to the Wall Street Journal. However, this fell short of the revenue projections set by CEO Elon Musk in a 2015 presentation, which estimated $12 billion in revenue and $7 billion in operating profit for the division in 2022.

Despite its revenue growth, Starlink’s customer acquisition rate has been slower than anticipated. By the end of 2022, the unit had over a million active subscribers, but the company had originally expected to reach 20 million subscribers by that same time.

SpaceX has yet to comment on the report.

Starlink gained attention last year for its role in providing satellite communications to support Ukraine’s war efforts against Russia. The network, consisting of over 4,000 satellites in low Earth orbit, secured a contract with the U.S. Department of Defense for its satellite services in June.

Elon Musk had previously stated that SpaceX would consider listing Starlink once its cash flow becomes more predictable. The company’s surging revenue reportedly allowed it to record a small profit in the first quarter of 2023 after two years of losses.

Overall, while Starlink’s revenue experienced a substantial increase, it did not meet the ambitious targets set by Musk. The company also fell short in terms of customer acquisition rate, but it continues to expand its satellite network and play a significant role in supporting various sectors with its satellite communication services.