According to documents seen by The Wall Street Journal, SpaceX’s satellite internet service, Starlink, made $1.4 billion in revenue last year, up from $222 million in 2021. However, this falls short of the company’s initial projections of $12 billion in revenue and $7 billion in operating profit for 2022. Starlink also aimed to have 20 million subscribers by the end of 2022, but by the end of last year, it only had over 1 million active subscribers. By May 2023, the company reported having about 1.5 million users.

Interestingly, on the same day that The Wall Street Journal’s report came out, a SpaceX executive stated that the company is no longer incurring losses to produce Starlink’s satellite antennas. In October 2022, Elon Musk, the founder of SpaceX, tweeted that Starlink was losing about $20 million per month to maintain its services.

In an upcoming book by Walter Isaacson, SpaceX president Gwynne Shotwell is quoted as saying that the Pentagon had a $145 million check ready to hand over for increased Starlink service in Ukraine, but Elon Musk changed his mind after facing criticism on Twitter and leaked stories from Pentagon haters. However, government agencies eventually did start paying for increased Starlink service in Ukraine.

Overall, while Starlink has seen significant revenue growth, it has not met its original projections and subscriber targets.

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By hassani

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