Elon Musk's SpaceX Is Expecting a Huge Revenue Boost This Year

Elon Musk owns and operates a host of technology companies, including the EV company Tesla, Twitter (where he recently stepped aside as CEO), Neuralink, where he's making brain chip implants, and a new AI startup called xAI. 

And then, of course, there's SpaceX, Musk's space exploration company that he founded back in 2002. 

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SpaceX, which, unlike Tesla  (TSLA) - Get Free Report, is not a publicly traded company, recently told investors, according to The Information, that it expects to earn around $8 billion in revenue for 2023, just about doubling the company's 2022 revenue. 

The Information additionally reported that SpaceX anticipates earning $3 billion in operating profit for the year, without accounting for the cost of building its rockets and satellites. 

SpaceX, in an arrangement with investors to sell up to $750 million in stock at $81 per share, was recently valued at $150 billion. The company's previous share price was $77. 

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SpaceX, which has clocked a growing list of contracts with governments, commercial companies and NASA, received a total of $2.8 billion in government contracts in 2022, according to The Information. Musk's space company has received a total in excess of $15 billion in government funding since 2003. 

SpaceX also won a $102 million contract from the US Air Force in January to transport military equipment and humanitarian supplies -- via rocket -- around the world. 

SpaceX's $150 billion valuation places it above the legacy aerospace company Boeing, which has a market cap of $127 billion. Boeing brought in more than $60 billion in revenue in 2022. 

Mo Islam, the co-founder of Payload, thinks that SpaceX is reaching a point where it can truly begin to scale its revenue.