SpaceX has officially become a profitable company, driven largely by the steady rise of its satellite internet division, Starlink.

According to a new report by Novaspace, SpaceX generated $11.8 billion in revenue in 2024, with Starlink surpassing its launch business for the first time — a major milestone in the company’s evolution.

The analysis highlights a turning point for SpaceX, which has traditionally been known for its dominance in space transportation.

The company's financial success is now increasingly tied to scalable, recurring revenue streams from satellite connectivity, rather than the capital-intensive model of launching payloads into orbit.

Starlink’s growth has been methodical, expanding across a wide range of user categories — including individual consumers, government clients, aviation, and maritime markets.

Its success stems from a distribution strategy that blends direct-to-customer sales with international partnerships, supported by an internal launch cadence that gives SpaceX low-cost, high-frequency access to space.

The company’s Falcon 9 rocket fleet is now operating in a high-efficiency mode.

Only 6% of launches in 2024 used new boosters, with one individual rocket completing 24 launches in a single year — far exceeding the original design life of 10 launches.

This high reusability has significantly reduced launch costs, making Starlink’s business model even more cost-effective.

While SpaceX continues to invest in next-generation capabilities such as Starship and Starlink’s direct-to-device (D2D) communication systems, it is now doing so from a position of financial strength.

The shift from a launch-only enterprise to a full-service satellite operator marks the beginning of what analysts are calling a new era of horizontal expansion.

The Novaspace report, SpaceX Business Outlook, provides the most detailed financial and strategic breakdown of SpaceX to date, covering revenue sources, cost structures, funding history, and Starlink’s infrastructure performance.

The study was developed for stakeholders across the space industry, from satellite operators to government agencies and investors.

This confirmation of profitability — fueled by Starlink’s global growth and SpaceX’s unmatched launch efficiency — positions the company not only as a leader in space transportation, but as a dominant force in the global communications economy.

Access the full report here: https://nova.space/hub/product/spacex-business-outlook/