A stack of V2 Mini Starlink satellites ready for launch. Photo: SpaceX

TechCrunch published a report on Thursday that highlighted how important the success of SpaceX‘s Starlink constellation service is to the company’s long-term financial health. TechCrunch reporter Aria Alamalhodaei obtained SpaceX financial records from more than six years ago. Before Starlink shifted into full gear, NASA contracts accounted for as much as 83% of SpaceX’s revenue.

Confidential financial statements from SpaceX for 2018 and 2019 capture an early glimpse at the degree to which the company is likely dependent on its Starlink business unit, and bringing the Starship rocket online, to become cash flow positive. 

While the comprehensive balance sheets are five years old, they provide an intimate look inside the operations of arguably one of the most important, and secretive, private companies in the U.S. And they help shed light on what the company spent money on, and how much, as SpaceX grew itself from an unprofitable $2 billion in revenue to, reportedly, $9 billion for 2023 with a projected $15 billion in 2024 and $3 billion in earnings, sources familiar told Bloomberg in November…

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