The Space Investor - 🚀 SpaceX Financials Revealed

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• Company accounting is described as “more of an art than a science” and note that SpaceX is "not actually profitable based on an operational and ongoing basis."
   
• Per the balance sheet, profitable quarters have been less consistent than Elon has suggested to investors when he celebrated having achieved “breakeven cash flow” in an X post last November.
   
• Starlink has, at times, "lost hundreds of dollars on each of the millions of ground terminals shipped."
   
• One source familiar with the company’s financials said "Starlink’s cash generation improved toward the end of 2023 and that its now more consistently profitable."
   
• Sources also note that "SpaceX has met or exceeded revenue projections over the past three years" and the company "forecasts sales to grow to $15B this year, from $4.7B a year ago."

• 2018:
  • Revenue: $1.98B
  • R&D: $559M
  • Net Loss: $(308)M
  • Cash & Equivalents: $868M
     
• 2019:
  • Revenue: $1.45B
  • R&D: $661M
  • Net Loss: $(501)M
  • Cash & Equivalents: $990M

• Q1 investment totaled $6.5B, which grew +33% YoY across 103 companies.
   
• Late stage companies accounted for $4.3B, or ~66%, and investment rounds in this category remain elevated.
   
• Growth stage investments decreased -51% YoY.
   
• Early stage deal investment remains healthy and accounted for ~64% of total round activity.
   
• The IPO market has been rejuvenated with new issues which could bode well for space companies looking to tap the public markets.

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