SpaceX COO Gwynne Shotwell said on Friday that the company is building 50-60 satellites per week as it builds its Starlink satellite network in low-earth orbit.
What Happened: Starlink has launched over 7,000 Starlink satellites to low-Earth orbit to date. According to data from astronomer Jonathan McDowell, SpaceX has launched over 7000 Starlink satellites into space, of which nearly 6000 are in operational orbit.
Shotwell said on Friday at the conference hosted by Baron Capital that the company will make “some money” on Starlink this year. Starlink is the satellite internet segment of SpaceX. It achieved a breakeven cash flow in November 2023.
“We are going to make some money on Starlink this year. But ultimately I think Starship will be the thing that takes us over the top as one of the most valuable companies,” she said. However, Shotwell refused to divulge more of the company’s financials.
The sixth test flight of Starship is now targeted to launch on Tuesday at around 4:00 p.m. CT. For the test flight, the company aims to catch Starship’s booster back at the launch site as on the last flight and splash down the upper stage in the Indian Ocean. The ambitious launch vehicle is yet to carry any payload to space.
According to a recent report, SpaceX is preparing to initiate a tender offer valuing the company at over $250 billion. In June, the company was reportedly set for a record $210 billion valuation in a tender offer, surpassing its previous $200 billion estimate.
Investor Take: Ron Baron, founder of Baron Capital, said on Friday that his company started investing in SpaceX in 2017 and has since made seven times the money.
“We have made 7x our money (since 2017); We continue investing in every one of their offerings. We think we’ll make 15x our money again over the next 15 years. Elon believes our goals are very conservative to his goals,” Baron said.
SpaceX is a privately held company. Unlike Musk’s publicly held EV company Tesla, SpaceX does not divulge its financials periodically.
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Photo courtesy: SpaceX
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