Elon Musk’s SpaceX turns profit after two years of losses

SpaceX reportedly managed to turn a profit in the first three months of the year — a welcome change for Elon Musk’s rocket-launching firm which has struggled with losses in the last two years.

The company, which is privately owned and thus doesn’t publicly disclose its financials, made $55 million in profit on $1.5 billion in revenue during the first quarter of this year, according to documents obtained by The Wall Street Journal.

SpaceX has been valued at around $150 billion — a market capitalization that puts it on par with the likes of Intel and Disney.

The firm has managed to stay private thanks to large infusions of capital. Last year, the company took in some $2 billion from issuing stock — up from $1.5 billion in 2021, according to the Journal.

Those who bought stock in the company, which does not reveal its financials, told the Journal that they viewed their investments as a long-term bet and that they weren’t concerned with short-term losses.

In 2022, the company doubled its revenue to $4.6 billion, but still lost $559 million after it reported some $5.2 billion in total expenses.

Last year’s performance was an improvement from 2021, when SpaceX lost $968 million. Its total expenses that year added up to $3.3 billion, according to the Journal.

Most of SpaceX’s expenses are tied up in the development of Starship, its $3 billion reusable heavy-lift launch rocket that Musk envisions will one day be able to transport humans and cargo to the moon and Mars.

In the years 2021 and 2022, SpaceX has spent a total of $5.4 billion on property and equipment — a significant chunk of which was tied up to its development of Starship.

In April, a Starship spacecraft exploded minutes after lifting off in an unmanned test flight in South Texas — falling short of its goal of reaching at least 90 miles above the surface of the earth.

SpaceX has not been given approval by government regulators to launch another test flight.

Last year, SpaceX allocated some $3.1 billion on salaries, materials, and spacecraft depreciation, according to the Journal.

It also spent $1.3 billion on research and development — an increase of 11% compared to 2021, the Journal reported.

The Post has sought comment from SpaceX.