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SpaceX, owned by Elon Musk, has turned a profit in the first quarter of 2023 after experiencing losses in the previous two years. According to documents cited by the Wall Street Journal, the company generated million in profit on .5 billion in revenue during the January-to-March period.

In 2022, SpaceX’s revenue doubled to .6 billion, helping to reduce its loss for the year to 9 million from 8 million. However, the company reported about .2 billion in total expenses for 2022, up from .3 billion the previous year.

The recent employee stock sale valued SpaceX at approximately 0 billion, placing its valuation on par with that of Intel or Walt Disney. This is significant considering that the company was founded more than two decades ago.

SpaceX’s first-quarter results are still preliminary, while annual results are final. The company has not yet responded to a request for comment from Reuters.

Overall, these latest financial results highlight the increasing success of SpaceX. With its surging revenue, the company has managed to turn a profit and is on track to further solidify its position in the space industry.

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