SpaceX’s Starlink satellite connectivity company has reportedly broken even and is expected to reach $10 billion revenue  in 2024.

In a post on X (formerly Twitter), SpaceX CEO, Elon Musk shared that Starlink has accomplished breakeven cash flow and is rapidly becoming a dominant force in the satellite sector. “Excited to announce that SpaceX Starlink has achieved breakeven cash flow! Excellent work by a great team,” he said. “Starlink is also now a majority of all active satellites and will have launched a majority of all satellites cumulatively from Earth by next year.”

Bloomberg reports suggest that SpaceX is projected to generate approximately $9 billion in revenue this year from both its rocket launch and Starlink businesses, with company sales estimated to grow to about $15 billion in 2024. Starlink’s sales are anticipated to surpass the revenue from the launch business next year, with projections indicating that it will contribute more than $10 billion to the overall revenue, marking the majority of SpaceX’s sales.

Leaked reports indicate that Starlink generated $1.4 billion in revenue in 2022, a substantial increase from $222 million in the previous year. Elon Musk had previously forecasted revenue figures of $12 billion with $7 billion in operating profit for 2022, with an expected 20 million subscribers.

Starlink not only caters directly to consumers but has also engaged dozens of enterprise customers, alongside wholesale agreements with telcos and resellers. The company has established partnerships with maritime and aviation clients and secured direct-to-cell agreements with various global telcos.

Starlink has adopted a high-price strategy and has maintained high installation fees across its countries of operation.