SpaceX reportedly turned a profit in the first quarter

SpaceX turned a profit during the first quarter due to surging revenue, The Wall Street Journal reported Thursday, citing documents detailing the privately held company’s quarterly and annual results.

The Journal reports that SpaceX posted a first-quarter profit of $55 million on revenue of $1.5 billion. For the full year 2022, Elon Musk’s rocket company posted a loss of $559 million on revenue of $4.6 billion, the report says. It roughly halved losses while doubling what it brought in during 2021.

The rare look at SpaceX’s financials offers a clue into how the company is faring while it ramps up its Starlink internet satellite service and races to get its monster Starship rocket delivering payloads to space.

Starship is key to SpaceX’s success moving forward. It will allow the company to add more satellites to its Starlink network more quickly and will unlock a new avenue for commercial rocket service as SpaceX brings on launch clients.

The company is spending heavily to advance its projects. SpaceX tallied $5.2 billion in total expenses last year, up from $3.3 billion the year earlier, according to the Journal.

SpaceX didn’t immediately respond to CNBC’s request for comment.

Read the full report at The Wall Street Journal.