Revenue surges are driving profits for Elon Musk's SpaceX in the first quarter of this year.

According to reports, Elon Musk's space exploration company SpaceX achieved profitability in the first quarter of this year due to soaring revenue. The report states that SpaceX's revenue for the first quarter was $1.5 billion, with a profit of $55 million. The company's projected annual revenue for 2022 is $4.6 billion, with a loss of $559 million. In addition, the report points out that SpaceX is investing heavily in advancing its projects. The company's total expenditure last year was $5.2 billion, higher than the $3.3 billion in 2021. This rare insight into SpaceX's financial situation allows the market to understand the company's operational status as it expands its Starlink internet satellite service and transports payloads into space with its giant Starship. The Starship is a key development for the company, as it will enable faster expansion of its Starlink network and open up a new avenue for commercial rocket services. So far, SpaceX, led by Musk, who is sometimes referred to as a "burning money machine" by some media outlets, has launched nearly 5,000 Starlink internet satellites. Since its launch, the service has grown to over 1.5 million users in less than three years. Last month, reports indicated that SpaceX's valuation had reached nearly $150 billion. Media reports based on a copy of the acquisition offer issued by SpaceX CFO Bret Johnsen show that the company has reached agreements with both new and existing investors to sell up to $750 million worth of shares at a price of around $81 per share. The company has not announced any plans to raise new capital, and the acquisition offer represents a secondary sale of existing shares. In April of this year, Musk stated that the company "expects not to need to raise funds" to further support the Starship, Starlink, and other projects. SpaceX typically conducts two secondary financings each year, allowing employees and other shareholders to sell their stocks.