A Falcon Heavy rocket launches on mission USSF-67 on Jan. 15, 2023, from NASA’s Kennedy Space Center in Florida.

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SpaceX turned a profit during the first quarter due to rising revenue, The Wall Street Journal reported Thursday cited documents detailing the privately held company’s quarterly and annual results.

The Journal reports that SpaceX made a first-quarter profit of $55 million on revenue of $1.5 billion. For the full year 2022, Elon Musk’s rocket company posted a loss of $559 million on revenue of $4.6 billion, the report said. It almost halved the losses during 2021 while doubling the gains.

A rare look at SpaceX’s finances shows how the company is faring as it ramps up its Starlink internet satellite service and races to get its monster Starship rocket carrying payloads into space .

Starship is critical to furthering SpaceX’s success. This will allow the company to rapidly add more satellites to its Starlink network and open a new avenue for commercial rocket service as SpaceX brings on launch clients.

The company is spending heavily to take its projects forward. SpaceX’s total spending last year was $5.2 billion, up from $3.3 billion the year before, according to the Journal.

SpaceX did not immediately respond to CNBC’s request for comment.

read the Full report in The Wall Street Journal,


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