Starlink, SpaceX’s satellite Internet business, has achieved profitability just five years after its inception, according to research firm Quilty Space. This achievement is particularly impressive given the skepticism that initially surrounded the project.
Back in 2015, when SpaceX and OneWeb announced plans to build satellite megaconstellations for broadband Internet delivery from low-Earth orbit, many industry veterans doubted the feasibility of such ambitious projects. The largest constellation at that time was Iridium with 66 satellites, and it was unclear whether they would avoid a second bankruptcy.
Fast forward to today, SpaceX has successfully launched nearly 6,000 satellites, with over 5,200 still operational and serving 2.7 million customers across 75 countries. Starlink’s estimated free cash flow for this year is about $600 million.
The rapid rise of Starlink has surprised many, including Chris Quilty, the co-founder of Quilty Space. He admitted that what Starlink achieved in the past three years is “nothing short of mind-blowing”. The firm estimates Starlink’s revenue will grow to $6.6 billion in 2024, up from virtually zero just four years ago.
Read more: arstechnica.com