SpaceX's satellite internet provider, Starlink, has achieved breakeven cash flow, a key milestone that has ignited speculation about a potential initial public offering (IPO). The announcement was made by SpaceX CEO Elon Musk on an unspecified platform referred to as X. Alongside this financial achievement, he highlighted that Starlink now constitutes the majority of all active satellites and is projected to launch the majority of Earth's satellites by next year.
The recent financial development at Starlink has sparked confusion among X users, with some questioning whether Musk was referring to the overall performance of SpaceX or specifically addressing Starlink. Earlier this year, SpaceX reported a Q1 profit of $55 million, despite Starlink's revenue trailing behind a 2015 forecast made by SpaceX. The private company, currently valued at $150 billion, does not publicly disclose its financials in the same way Musk's other company, Tesla (NASDAQ:TSLA), does.
Starlink's broadband satellite internet service is now available in over 60 countries and claims more than 2 million active customers. This success has helped Starlink form the majority of all active satellites, providing stiff competition to services like Amazon (NASDAQ:AMZN)'s Project Kuiper.
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