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SpaceX COO says Starlink had cash-flow-positive quarter in 2022
President and COO Gwynne Shotwell says that SpaceX’s Starlink satellite internet program had a “cash flow positive quarter” in 2022 and “will make money” in 2023.
The update is major news for a program that SpaceX CEO Elon Musk has stated should be considered a success if it merely avoids bankruptcy. Several companies have attempted to build businesses around the concept of a low Earth orbit (LEO) internet satellite constellation. All have failed or gone bankrupt. Motorola pursued a concept called Celestris in the 1990s but eventually gave up and invested in Teledesic. Teledesic eventually went bankrupt and shut down in 2003 after spending the equivalent of $1.85 billion in 2022 dollars. In 2020, OneWeb – the closest to a true Starlink competitor – filed for bankruptcy despite having raised $3.4 billion and begun launching satellites. It was only saved by a $1 billion bailout led by the British government.
Despite pursuing the largest and most ambitious LEO constellations ever proposed, only SpaceX’s Starlink program has managed to avoid bankruptcy. SpaceX began developing Starlink in earnest in the mid-2010s and launched its first satellite prototypes in March 2018 and May 2019. Operational launches followed in November 2019, and SpaceX has since launched an unprecedented ~3540 working satellites on 70 Falcon 9 rockets. More importantly, just two years after opening orders, SpaceX has secured more than a million Starlink internet subscribers.
Adding to its impressive list of achievements, Gwynne Shotwell – a SpaceX executive known for being an excellent manager and voice of reason – says that Starlink has already had its first cash-flow-positive quarter.
The update that's rolling out to the fleet makes full use of the front and rear steering travel to minimize turning circle. In this case a reduction of 1.6 feet just over the air— Wes (@wmorrill3) April 16, 2024
According to Shotwell, that milestone happened sometime in 2022. Thanks to a productive 2021 and the accelerated launch of new Starlink satellites in 2022, continuously expanding network capacity, SpaceX’s subscriber count more than quadrupled between March and December. If Starlink truly did have a cash-flow-positive quarter last year, it likely happened in Q4. However, the nature of cash flow and the ambiguity in Shotwell’s statement are worth some amount of skepticism.
Crucially, cash flow should account for fundraising, which SpaceX does a lot of. In 2022, it closed a $1.7B venture round in May and a $250M private equity round in July, offering opportunities to negate otherwise negative cash flow in Q2 and Q3. If Shotwell means that Starlink had a positive cash flow quarter without accounting for fundraising, the achievement would be highly impressive and indicate that Starlink’s financial health is surprisingly good.
It’s also ambiguous if Shotwell meant that Starlink had a cash-flow-positive quarter in 2022 or if she was referring to the company as a whole. Earlier in her panel at the FAA’s annual Commercial Space Transportation Conference, Shotwell noted that SpaceX’s main product – Falcon rocket and Dragon spacecraft operations – “makes money.” She also said that “the cash flow from those operations basically pay for [Starlink and Starship] development.” External funds are then raised to supplement SpaceX’s profits from Falcon and Dragon.
The ambiguity leaves room for Shotwell’s statement to be interpreted a bit less positively. If SpaceX or Starlink’s cash-flow-positive quarter was contingent upon raising almost $2 billion in one calendar year, Starlink would arguably still be in a financially precarious position. A positive quarter in that context would be more indicative of decent accounting than good financial health.
However, Shotwell’s confident statement that “Starlink will make money” in 2023 was much less ambiguous and suggests that a positive interpretation of her “positive cash flow” comment could be more accurate. For Starlink to “make money” in 2023, the implication is that SpaceX expects annual revenue to exceed expenses – and possibly exceed expenses and external funding inputs.
Either outcome would be excellent. As long as Starlink’s revenue matches or exceeds expenses, the constellation could likely survive even if SpaceX’s access to external capital was partially or fully disrupted. It also bodes well for Starlink’s profit potential. If the Starlink Gen1 constellation is almost sustainable or profitable, the pending introduction of SpaceX’s next-gen Starship rocket and upgraded Gen2/V2.0 satellites could turn Starlink into a money printer.
In November 2021, CEO Elon Musk outright stated that SpaceX faced a “genuine risk of bankruptcy” if it couldn’t start launching Starship and Starlink V2.0 satellites “once every two weeks” by the end of 2022. Fifteen months later, Starship’s first launch is tracking towards March 2023, and there’s a nonzero chance the rocket won’t launch a single Starlink V2.0 satellite this year. Despite falling miles short of Musk’s target, Starlink is instead on the verge of becoming a sustainable business in the mind of SpaceX’s less hyperbolic leader.
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Tesla Robotaxi appears to be heading to a new U.S. city
Things are expanding for Robotaxi, but the big sign that it is really moving along greatly will be with the expansion to a new city. Tesla has not gone outside of Austin or the Bay Area as of yet, and launching in a new city will be a great indicator of progress.
Tesla Robotaxi appears to be heading to a new U.S. city, and although the company has revealed plans to launch in six new metros this year, it has yet to establish a new location outside of Austin and the Bay Area of California, where it has operated since last Summer.
A lot full of Model Y vehicles was spotted in Henderson, a town just north of Las Vegas, but there seems to be more than just this hint indicating that the Sin City will be the next location to offer potentially driverless rides in a Tesla using its Full Self-Driving suite.
These Model Ys are not your typical vehicles, as they are fitted with hardware that is only on Robotaxis: a rear camera washer is the dead giveaway:
🚨 These rear camera washers are only present on Robotaxi vehicles
Maybe Las Vegas is the next city to get the Robotaxi suite 😀 https://t.co/my3da5L4zc pic.twitter.com/jYFQuX1j2E
— TESLARATI (@Teslarati) March 17, 2026
The photos and video of the lot were taken by TheZacher on X, who spotted the Model Y fleet in the Henderson parking lot.
The rear camera washer is the main piece of evidence here that indicates Tesla could be looking to expand Robotaxi to Las Vegas, a major ride-hailing hot spot, as it is one of the biggest tourist attractions in the United States. Ride-sharing is a major industry in Vegas, especially for those who are staying off the Strip.
Tesla has also been extremely transparent that Vegas is on its radar for the Robotaxi fleet, as it revealed last year that it was one of five new U.S. cities that it planned to launch the ride-hailing service in this year.
Tesla confirms Robotaxi is heading to five new cities in the U.S.
The others were Phoenix, Dallas, Houston, and Miami.
Things are expanding for Robotaxi, but the big sign that it is really moving along greatly will be with the expansion to a new city. Tesla has not gone outside of Austin or the Bay Area as of yet, and launching in a new city will be a great indicator of progress.
It will also give Tesla a new benchmark against rival company Waymo, which has operated in Las Vegas for some time.
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Tesla Roadster gets new unveiling date once again
Musk announced last year that the unveiling, which initially happened back in 2018, would take place on April Fool’s Day. Initial deliveries at the 2018 event were slotted for 2020, but delays in the project, as well as prioritization of other things, continued to push the Roadster back.
The Tesla Roadster is perhaps the most anticipated vehicle in the company’s history, but those who have been waiting anxiously for it will have to push their timelines back once again.
Tesla CEO Elon Musk has revealed that the company is once again pushing back the unveiling event that was originally planned for April 1. It will now take place “probably in late April.”
True.
New Roadster unveil probably in late April. https://t.co/NShZxpK5cI
— Elon Musk (@elonmusk) March 17, 2026
Musk announced last year that the unveiling, which initially happened back in 2018, would take place on April Fool’s Day. Initial deliveries at the 2018 event were slotted for 2020, but delays in the project, as well as prioritization of other things, continued to push the Roadster back.
There has been so much hype about the Roadster that people are right to be excited about the prospect of its existence.
Musk’s most recent rumblings about the vehicle came last Fall, when he appeared on the Joe Rogan Experience podcast, where he once again hinted the car would be able to hover for a short period.
He said:
“Whether it’s good or bad, it will be unforgettable. My friend Peter Thiel once reflected that the future was supposed to have flying cars, but we don’t have flying cars. I think if Peter wants a flying car, he should be able to buy one…I think it has a shot at being the most memorable product unveiling ever. [It will be unveiled] hopefully before the end of the year. You know, we need to make sure that it works. This is some crazy technology in this car. Let’s just put it this way: if you took all the James Bond cars and combined them, it’s crazier than that.”
Additionally, he said the vehicle would not be something that would prioritize safety. Musk said that “If safety is your number one goal, do not buy the Roadster.” It’s made for speed and excitement, not for grocery-getting.
Elon Musk just said some crazy stuff about the Tesla Roadster
As the April 1 unveiling event that was originally planned was nearing without any communication to fans, media, or anyone who would potentially be in attendance, it seemed to be pretty obvious that Tesla was not ready to pull the trigger on the event quite yet.
There could be some last-minute things to finalize, or it could be something else. One thing is for certain, though: we are not super surprised that things were moved back.
Tesla has definitely been putting some things in motion for the Roadster. A few months back, Tesla started to ramp up hiring for the Roadster, and earlier in March, it submitted a patent application for a new seat design.
Elon Musk
Tesla named by U.S. Gov. in $4.3B battery deal for American-made cells
What began as an open secret in the energy industry was confirmed by the U.S. Department of the Interior on Monday: Tesla is the buyer behind LG Energy Solution’s blockbuster $4.3 billion battery supply agreement.
What began as an open secret in the energy industry is becoming more real after the U.S. Department of the Interior named Tesla as the stakeholder in the LG Energy Solution’s blockbuster $4.3 billion battery supply agreement.
Tesla and LG Energy Solution are expanding their partnership to build a LFP prismatic battery cell manufacturing facility in Lansing, Michigan, launching production in 2027. The announcement, made as part of the Indo-Pacific Energy Security Summit results, ends months of speculation.
“American-made cells will power Tesla’s Megapack 3 energy storage systems produced in Houston, creating a robust domestic battery supply chain.”, notes a press release on the U.S. Department of the Interior website.
Tesla has long utilized China’s Contemporary Amperex Technology Co. (CATL), the world’s largest LFP battery maker, as one of its primary suppliers. That relationship made financial sense for years, considering that Chinese LFP cells were cheap, abundant, and reliable. But with escalated tariffs on Chinese imports and an increasingly growing Tesla Energy business that’s particularly reliant on LFP cells for products including its Megapack battery storage units designed for utilities and large-scale commercial projects.
The announcement of a deepened partnership between LG Energy Solution and Tesla has strategic logic for both parties. For Tesla, it secures a tariff-compliant, domestically produced battery supply for its fast-growing energy division. LGES, now producing LFP batteries in Michigan, becomes the only major supplier currently scaling U.S. production, outpacing rivals like Samsung SDI and SK On. LG Energy Solution’s Lansing plant, formerly known as Ultium Cells 3, was previously operated as a joint venture with General Motors. LGES acquired GM’s stake in May 2025 and now fully owns the site, with a production capacity of 50 GWh per year. LG Energy said the contract includes options to extend the supply period by up to seven years and boost volumes based on further consultations.
For the broader industry, the ripple effects are significant. This deal signals that domestic battery manufacturing can be financially viable and not just aspirational. Utilities, energy developers, and rival automakers will take note as American-made LFP supply becomes a competitive reality rather than a distant promise.
For consumers, the benefits will take time but are real. A more resilient, U.S.-based supply chain means fewer price shocks from trade disputes, more stable Megapack availability for the grid storage projects that reduce electricity costs, and long-term downward pressure on energy storage prices as domestic production scales.
Deliveries are set to begin in 2027 and run through mid-2030, and as grid storage demand accelerates, reliable, US-made battery supply is no longer a future ambition. It is becoming a core requirement of the country’s energy strategy.
Tesla Robotaxi appears to be heading to a new U.S. city
Tesla Roadster gets new unveiling date once again
