SpaceX CEO Elon Musk announced that the company’s satellite internet unit, Starlink, has achieved cash flow breakeven. Musk had previously stated that once the cash flow of Starlink became reasonably predictable, SpaceX would spin off and make it a public company.

Since 2019, Starlink has rapidly expanded its network in low-Earth orbit, launching approximately 5,000 satellites. This growth has made Starlink the largest satellite operator in the world, competing with other satellite internet providers like Viasat and Eutelsat’s recently acquired OneWeb. Musk shared on social media that Starlink is now the majority provider of active satellites and will have launched the majority of all satellites from Earth by the next year.

Starlink has gained attention due to its role in providing satellite communications to Ukraine for its war efforts against Russia. Additionally, it has pledged to support communication links in Gaza with recognized aid organizations following a telecommunications blackout in the region.

Musk aims to position Starlink as a crucial revenue source to fund SpaceX’s capital-intensive projects, including the development of the next-generation Starship, a reusable rocket intended for NASA’s moon missions. While Starlink’s revenue surged six-fold to $1.4 billion last year, it fell short of Musk’s targets, according to documents cited by the Wall Street Journal in September.

SpaceX is currently valued at approximately $150 billion, making it one of the world’s most valuable private companies.