SpaceX’s satellite internet service, Starlink, generated $1.4 billion in revenue last year. This is evidenced by documents reviewed by The Wall Street Journal.

In comparison, in 2021, the revenue was $222 million. This year’s profit could reach $12 billion.

The Wall Street Journal report came on the same day that SpaceX chief executive Jonathan Hoefeller said at a conference that the company no longer has losses from the production of Starlink satellite dishes.

In a presentation to investors in 2015, the company founded by Elon Musk predicted that Starlink would make $12 billion in profit in 2022.

SpaceX also predicted that Starlink would have 20 million subscribers by the end of 2022. Instead, by the end of last year, Starlink only had more than 1 million active subscribers.

As of May 2023, the company reported that it has about 1.5 million users.

Recall that in October 2022, Musk tweeted that Starlink loses about $20 million a month to maintain its services, and then noted: “While Starlink is still losing money and other companies are receiving billions of dollars from taxpayers, we will simply continue to fund Ukrainian government for free.”