Elon Musk's SpaceX turns profit in first quarter as revenue soars

Elon Musk-owned SpaceX's surging revenue helped it turn a small profit in the first quarter of 2023 after two annual losses, the Wall Street Journal reported on Thursday, citing documents.

The company generated $55 million in profit on $1.5 billion in revenue during the January-to-March period, according to the report.

SpaceX did not immediately respond to a Reuters request for comment.

The space company, which was founded more than two decades ago, was valued at roughly $150 billion at a recent employee stock sale, putting its valuation on par with that of Intel or Walt Disney, the Journal reported.

In 2022, revenue doubled to $4.6 billion, helping the company reduce its loss last year to $559 million from $968 million, the WSJ reported.

The company reported about $5.2 billion in total expenses for 2022, up from $3.3 billion the year earlier, according to the report.

SpaceX's first-quarter results are preliminary, while annual results are final, the WSJ reported, citing the documents.