A new report has shown that Elon Musk’s SpaceX financial plans in the past suffered losses along with the company’s big bet on satellite-based internet services. As reported by CNBC, internal documents obtained by the Wall Street Journal and interviews with former SpaceX employees reveal the commercial space company suffered a $260 million loss in 2015, after a rocket bound for the International Space Station exploded after launch.
However, the company enjoyed profitable years in 2013 and 2014 after contracts from NASA and satellite companies pushed revenue from $680 million to $1 billion. The report also revealed the high hopes SpaceX has for a business using satellites to provide internet service, which so far is still in the planning stages.
“We have more than 70 future launches on our manifest representing over $10 billion in contracts,” SpaceX Chief Financial Officer Bret Johnson told the Journal. “The company is in a financially strong position and is well positioned for future growth.” Johnson also said SpaceX has over $1 billion in cash and no debt.
The documents obtained by WSJ contain estimations of 40 million subscribers and more than $30 billion in revenue for the satellite internet business by 2025.