Elon Musk projects SpaceX revenue of about $20b in 2025
Elon Musk projects SpaceX revenue of about $20b in 2025
WASHINGTON - Elon Musk's SpaceX will record revenue of about US$15.5 billion (S$20 billion) this year, the billionaire said on June 3, underscoring the rocket maker's growing dominance in the commercial space sector.
The company's commercial revenue from space will exceed Nasa's budget of roughly US$1.1 billion in 2026, Mr Musk said in a post on X.
While Nasa continues to fund deep space exploration and research missions, SpaceX has leaned on growing demand for cost-effective launch services and satellite communications to generate revenue.
The company is developing a 122m-tall Starship rocket system, which the world's richest person has said will play a crucial part in sending humans to Mars.
The company's reusable Falcon 9 and Falcon Heavy rockets have significantly reduced launch costs, enabling SpaceX to secure a substantial share of the global launch market.
In 2024, SpaceX achieved a record-breaking year with 134 Falcon launches, making it the most active launch operator globally.
SpaceX is targeting to beat that record with 170 launches by the end of the year, the company said last week, as it attempts to meet growing demand for satellite deployment.
Still, SpaceX's revenue is driven largely by its satellite internet service, Starlink, which Mr Musk has said will go public, but has not provided a timeline.
In early November 2023, Mr Musk reported that Starlink had achieved breakeven cashflow. Under the Starlink banner, SpaceX has deployed thousands of satellites to deliver broadband internet globally.
SpaceX and two partners have emerged as frontrunners to win a crucial part of US President Donald Trump's 'Golden Dome' missile defence shield, Reuters reported in April, citing six people familiar with the matter. REUTERS
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AsiaOne
20 minutes ago
- AsiaOne
From bros to foes: How the unlikely Trump-Musk relationship imploded, World News
WASHINGTON - When Donald Trump met privately with White House officials on Wednesday (June 4), there was little to suggest that the US president was close to a public break with Elon Musk, the billionaire businessman who helped him win a second term in office. Two White House officials familiar with the matter said Trump expressed confusion and frustration in the meeting about Musk's attacks on his sweeping tax and spending bill. But he held back, the officials said, because he wanted to preserve Musk's political and financial support ahead of the 2026 midterm election. By Thursday afternoon, Trump's mood had shifted. He had not spoken to Musk since the attacks began and was fuming over what one White House aide described as a "completely batshit" tirade by the Tesla CEO on X, his social media platform. On Friday, a White House official said Trump was not interested in talking to Musk and no phone call between the two men was planned for the day. Musk had blasted Trump's tax bill as fiscally reckless and a "disgusting abomination." He vowed to oppose any Republican lawmaker who supported it. The bill would fulfil many of Trump's priorities while adding, according to the Congressional Budget Office, US$2.4 trillion (S$3 trillion) to the US$36.2-trillion US public debt. Privately, Trump had called Musk volatile. On Thursday, he told his team, it was time to take the gloves off. Sitting next to German Chancellor Friedrich Merz in the Oval Office, Trump told reporters he was "very disappointed" in his former adviser. Musk quickly hit back on social media, and the back-and-forth devolved from there. "The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's government subsidies and contracts," Trump posted on Truth Social, his social media site. Within minutes, Musk said it might be time to create a new political party and endorsed a post on X from Ian Miles Cheong, a prominent Musk supporter and right-wing activist, calling for Trump's impeachment. The depth of the Trump-Musk relationship at its height was unprecedented in Washington - a sitting president granting a billionaire tech CEO access and influence inside the White House and throughout his government. Musk spent nearly US$300 million backing Trump's campaign and other Republicans last year. For months, Musk played both insider and disruptor - shaping policy conversations behind the scenes, amplifying Trump's agenda to millions online, and attacking the bureaucracy and federal spending through his self-styled Department of Government Efficiency. Just last week, Trump hosted a farewell for Musk and declared that "Elon is really not leaving." Now he had not only left but had turned into a top critic. Hours after Trump's Oval Office remarks, a third White House official expressed surprise at Musk's turnaround. It "caught the president and the entire West Wing off guard," she said. Musk did not respond to emails seeking comment about the downturn in relations. His super PAC spending group, America PAC, and spokeswoman Katie Miller did not respond to calls and texts requesting comment. In a statement, the White House called the breakup an "unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted." From allies to adversaries The Musk-Trump breakup sent Tesla's stock price plunging 14 per cent on Thursday and drove uncertainty among Trump's allies in Congress, who are working to pass the monumental spending package that Democrats and a small number of vocal Republicans oppose. Tesla shares clawed back from steep losses on Friday. The breakup could reshape both men's futures. For Trump, losing Musk's backing threatens his growing influence among tech donors, social media audiences, and younger male voters - key groups that may now be harder to reach. It could also complicate fundraising ahead of next year's midterm elections. For Musk, the stakes are potentially even higher. The break risks intensified scrutiny of his business practices that could jeopardise government contracts and invite regulatory probes, which might threaten his companies' profits. Some of Musk's friends and associates were stunned by the fallout, with a number of them only recently expressing confidence that the partnership would endure, according to two other sources familiar with the dynamics. The split had been simmering for weeks, said the first two White House officials, but the breaking point was over personnel: Trump's decision to pull his nomination of Jared Isaacman, Musk's hand-picked candidate to be Nasa administrator. "He was not happy" about Isaacman, one of the White House officials said of Musk. Isaacman, a billionaire entrepreneur and close Musk ally, was seen as key to advancing Musk's vision for space exploration and commercial space ventures. After his nomination was scuttled, Isaacman posted on X: "I am incredibly grateful to President Trump, the Senate and all those who supported me." The move was viewed within the administration as a direct snub to Musk, the two officials said, signaling a loss of political clout and deepening the rift between him and Trump's team. Before the Isaacman episode, top White House aides behind the scenes had already begun limiting Musk's influence - quietly walking back his authority over staffing and budget decisions. Trump himself reinforced that message in early March, telling his cabinet that department secretaries, not Musk, had the final say over agency operations. At the same time, Musk began to hint that his time in government would come to a close, while expressing frustration at times that he could not more aggressively cut spending. His threats and complaints about Trump's bill grew louder, but inside the White House, few believed they would seriously alter the course of the legislation - even as some worried about the fallout on the midterms from Musk's warnings to cut political spending, the first two White House officials said. Still, a fourth White House official dismissed the impact of Musk's words on the president's signature bill. "We're very confident," he said. "No one has changed their minds." But there was bafflement at the White House at how a relationship that only last week had been celebrated in the Oval Office had taken such a turn. Time will tell whether the rift can be repaired. [[nid:718783]]
Straits Times
an hour ago
- Straits Times
Buildup to a meltdown: How the Trump-Musk alliance collapsed
The long-awaited breakup between President Donald Trump and Mr Elon Musk was as personal and petty as anticipated, and yet it's a sign of something much more than a conflict between two of the world's most powerful and mercurial men. PHOTO: ERIC LEE/NYTIMES WASHINGTON – US President Donald Trump was peeved. Just minutes before he walked into the Oval Office for a televised send-off for Mr Elon Musk last week, an aide had handed him a file. The papers showed that Mr Trump's nominee to run Nasa - a close associate of Mr Musk's - had donated to prominent Democrats in recent years, including some who Mr Trump was learning about for the first time. The president set his outrage aside and mustered through a cordial public farewell. But as soon as the cameras left the Oval Office, the president confronted Mr Musk. He started to read some of the donations out loud, shaking his head. This was not good, Mr Trump said. Mr Musk, who was sporting a black eye that he blamed on a punch from his young son, tried to explain. He said Mr Jared Isaacman, a billionaire entrepreneur who was set to become the next Nasa administrator, cared about getting things done. Yes, he had donated to Democrats, but so had a lot of people. Maybe it's a good thing, Mr Musk told the president - it shows that you're willing to hire people of all stripes. But Mr Trump was unmoved. He said that people don't change. These are the types of people who will turn, he said, and it won't end up being good for us. The moment of pique was a signal of the simmering tensions between the two men that would explode into the open less than a week later, upending what had been one of the most extraordinary alliances in American politics. This account of the crumbling ties between the president and Mr Musk is based on interviews with 13 people with direct knowledge of the events, all of whom asked for anonymity to describe private discussions. While the relationship had been losing steam over the past several months as Mr Musk clashed with Trump officials, people close to both men said the disagreement over Mr Isaacman accelerated the breakup. Mr Musk had been planning to exit the White House relatively quietly - before Mr Isaacman's ouster left him feeling humiliated. Now the two men, who seemed inseparable at one point, are on opposite sides. Mr Musk suggested Mr Trump should be impeached. Mr Trump has threatened to cancel government contracts with Mr Musk's companies. And in recent days, Mr Trump has been telling people close to him that he believes Mr Musk is acting 'crazy' and must be doing drugs. A tanked nomination For Mr Musk, there were few positions across the thousands in the federal government that mattered more to him than the head of Nasa, because of its critical importance to SpaceX, his rocket business. So it was of great personal benefit to Mr Musk when Mr Trump chose Mr Isaacman, who has flown to space twice with SpaceX, to oversee the agency. Mr Isaacman's donations to Democrats had not always been a problem. While Mr Trump privately told advisers that he was surprised to learn of them, he and his team had been briefed about them during the presidential transition, before Mr Isaacman's nomination, according to two people with knowledge of the events. But by May 30, when Mr Trump went through the file containing details of the donations, he clearly had changed his mind. Mr Musk barely mounted a defence of his friend. He was anxious about doing so with other people around, including Mr Sergio Gor, director of the presidential personnel office, who had clashed with Mr Musk over other staffing matters. Mr Musk believed that he would be able to talk to the president at some point after the gathering, privately. But Mr Musk never got a chance to make his case. In the hours after the Oval Office farewell, Mr Trump decided he would withdraw Mr Isaacman from consideration. Mr Musk was stunned by how fast it all happened. Mr Musk's allies have argued privately that Mr Isaacman's recent donations to Democrats were nonideological and made at the encouragement of Senator Mark Kelly, D-Ariz., a former astronaut. A spokesperson for Mr Kelly declined to comment. As Mr Musk dealt with the fallout from the tanked nomination, he spent part of the weekend outside Missoula, Montana, as a guest at 'Symposium', an event for tech executives, investors and startup founders thrown by Founders Fund, the venture capital firm founded by Peter Thiel. After spending a day in Montana, he turned his attention in earnest to assailing the top domestic priority of Mr Trump: the Republican Bill making its way through Congress that would slash taxes and steer more money to the military and immigration enforcement. Privately and publicly, Mr Musk stewed over the Bill, believing that its spending would erase the supposed savings of his Department of Government Efficiency and add to the federal deficit. Some Republican lawmakers had tried to assuage Mr Musk's fears. On June 2, House Speaker Mike Johnson, R-La., walked the billionaire through the Bill and said that Congress would try to codify the work done by Doge. After the call, Mr Johnson told associates that he felt Mr Musk was uninformed about the legislation and the congressional process, but that he had been able to reason with the world's richest man, according to a person familiar with the conversation. On June 2 evening, Mr Musk still had concerns. He hinted at them on his social platform X, reposting a chart apparently showing the yearly increase in the national debt. 'Scary,' Mr Musk wrote as a caption. Mr Trump did not respond to Mr Musk's criticisms of the Bill and maintained a light public schedule. Meltdown The Trump-Musk alliance fully ruptured on June 5, six days after the two men put on the collegial display in the Oval Office. Mr Musk, who had largely focused his attacks on Republicans in Congress, had started directing more ire at the president. So when Mr Trump was asked about Mr Musk's comments during a meeting with Mr Friedrich Merz, the new German chancellor, the president finally let loose. He said he was 'disappointed' in Mr Musk, downplayed the billionaire's financial support for his presidential campaign and posited that Mr Musk developed 'Trump derangement syndrome' after leaving the White House. Mr Musk fired back in real time. Using X, he unleashed a torrent of attacks. He claimed there were references to the president in government documents about Jeffrey Epstein, the sex offender, and indicated his support for the president's impeachment. He also said Mr Trump's tariffs would cause a recession by the end of the year. Later, Mr Trump, using his own social media platform, threatened to cut billions of dollars in federal contracts with Mr Musk's companies. By June 5 evening, Mr Musk signalled he would be open to de-escalating the fight, while the president seemed to have little interest in an immediate reconciliation. White House officials said Mr Trump had no plans to call Mr Musk. 'President Trump is the unequivocal leader of the Republican Party, and the vast majority of the country approves of his job performance as president,' Ms Karoline Leavitt, the White House press secretary, said in a statement. 'Inflation is down, consumer confidence and wages are up, the jobs report beat expectations for the third month in a row, the border is secure and America is hotter than ever before.' A spokesperson for Mr Musk did not respond to a request for comment. White House officials said on June 6 that Mr Trump was considering selling the bright red Tesla he got in March as a show of support for Mr Musk. NYTIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 hours ago
- Straits Times
Trump says he has no plans to speak to Musk as feud persists
President Donald Trump may get rid of the red Tesla Model S that he bought in March after showcasing Mr Elon Musk's electric cars on the White House lawn. PHOTO: DOUG MILLS/NYTIMES Trump says he has no plans to speak to Musk as feud persists WASHINGTON - US President Donald Trump said on June 6 that he has no plans to speak with Mr Elon Musk, signalling the president and his former ally might not resolve their feud over a sweeping tax-cut Bill any time soon. Addressing reporters aboard Air Force One, Mr Trump said he wasn't 'thinking about' the Tesla CEO. 'I hope he does well with Tesla,' Mr Trump said. However, Mr Trump said a review of Mr Musk's extensive contracts with the federal government was in order. 'We'll take a look at everything,' the president said. 'It's a lot of money.' Mr Trump may get rid of the red Tesla Model S that he bought in March after showcasing Mr Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Earlier on June 6, Mr Trump said that Mr Elon Musk had 'lost his mind' but insisted he wanted to move on from the fiery split with his billionaire former ally. 'You mean the man who has lost his mind?' Mr Trump said in a call with ABC when asked about Mr Musk, adding that he was 'not particularly' interested in talking to the tycoon. Mr Trump later told Fox News that Mr Musk had 'lost it,' while CNN quoted the president as saying: 'I'm not even thinking about poor guy's got a problem.' Mr Musk, for his part, did not directly address Mr Trump but kept up his criticism of the massive Republican tax and spending Bill that contains much of Mr Trump's domestic agenda. On his social-media platform X, Mr Musk amplified remarks made by others that Mr Trump's 'big beautiful Bill' would hurt Republicans politically and add to the nation's US$36.2 trillion (S$46.6 trillion) debt. He replied 'exactly' to a post by another X user that said Mr Musk had criticised Congress and Mr Trump had responded by criticising Mr Musk personally. Mr Musk also declared it was time for a new political party in the United States 'to represent the 80 per cent in the middle!' People who have spoken to Mr Musk said his anger has begun to recede and they think he will want to repair his relationship with Mr Trump, according to one person who has spoken to Mr Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. Tesla stock rose on June 6, clawing back some losses from the June 5 session, when it dropped 14 per cent and lost US$150 billion in value, the largest single-day decline in the company's history. Mr Musk's high-profile allies have largely stayed silent during the feud. But one, investor James Fishback, called on Mr Musk to apologise. 'President Trump has shown grace and patience at a time when Elon's behaviour is disappointing and frankly downright disturbing,' Mr Fishback said in a statement. Mr Musk, the world's richest man, bankrolled a large part of Mr Trump's 2024 presidential campaign. Mr Trump named Mr Musk to head a controversial effort to downsize the federal workforce and slash spending. Mr Trump feted Mr Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Mr Musk cut only about half of 1 per cent of total spending, far short of his brash plans to axe US$2 trillion from the federal budget. Since then, Mr Musk has denounced Mr Trump's tax-cut and spending Bill as a 'disgusting abomination'. His opposition is complicating efforts to pass the Bill in Congress where Republicans hold a slim majority. Mr Trump's Bill narrowly passed the House of Representatives in May and is now before the Senate, where Republicans say they will make further changes. Nonpartisan analysts say the measure would add US$2.4 trillion in debt over 10 years. House Speaker Mike Johnson said he has been texting with Mr Musk and hopes the dispute is resolved quickly. 'I don't argue with him about how to build rockets and I wish he wouldn't argue with me about how to craft legislation and pass it,' Mr Johnson said on CNBC. 'Very disappointed' Mr Trump had initially stayed quiet while Mr Musk campaigned to torpedo the Bill, but broke his silence on June 5, telling reporters he was 'very disappointed' in Mr Musk. Mr Musk, who spent nearly US$300 million in the 2024 elections, said Mr Trump would have lost without his support and suggested he should be impeached. Mr Trump suggested he would terminate government contracts with Mr Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Mr Musk later backed off that threat. Mr Musk had been angered when Mr Trump over the weekend revoked his nomination of Musk ally Jared Isaacman to head the US National Aeronautics and Space Administration. Two sources with direct knowledge of the dispute said White House personnel director Sergio Gor had helped turn Mr Trump against Mr Isaacman by highlighting his past donations to Democrats. Mr Musk and Mr Gor had been at odds since the billionaire criticised Mr Gor's pace of hiring at a March Cabinet meeting, the two sources said. A White House spokesperson, Mr Steven Cheung, praised Mr Gor's efforts to staff the administration but did not address his relationship with Mr Musk. A prolonged feud could make it harder for Republicans to keep control of Congress in next year's midterm elections if Mr Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Mr Trump. Mr Musk had already said he planned to curtail his political spending, and on June 3 he called for 'all politicians who betrayed the American people' to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Mr Musk's attention was too divided. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
