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

The company made $55 million in profit on $1.5 billion in revenue during the first quarter of this year, according to The Wall Street Journal.

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 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. Elon Musk’s rocket-launching firm SpaceX managed to turn a profit during the first quarter of this year.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.

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

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