SpaceX, the space-exploration firm headed up by Tesla TSLA CEO Elon Musk, is set to bring in around $9 billion in revenue this year, according to a Bloomberg report.
The company is additionally projecting that revenue will spike next year to $15 billion.
By next year, sources told the news service, sales for Starlink, a satellite-based internet service, are expected to make up the bulk of SpaceX's revenue, at some $10 billion, pulling ahead of the revenue the company's rocket launches generate.
Related: Elon Musk's SpaceX clocks a $1.3 billion government win, hits big financial milestone
TheStreet has contacted SpaceX for comment.
SpaceX's Starlink service, which has about two million subscribers, brought in $1.4 billion of revenue in 2022. For 2021, Starlink posted $222 million in revenue.
Musk predicted in 2015 that Starlink would bring in $12 billion in revenue by 2022.
These latest revenue projections come about a week after Musk tweeted that Starlink had achieved break-even cash flow.
"Excellent work by a great team," he said.
The company is exploring a litany of different Starlink revenue streams. In September SpaceX won a $70 million government contract for Starshield, the government-specified offshoot of Starlink. The company, partnered with T-Mobile TMUS, is working to bring direct-to-cell technology to its enormous constellation of satellites.
And a short but lengthening list of airlines are partnering with Starlink's Aviation offshoot to achieve better in-flight internet.
This steady Starlink growth has been marred, however, by reports of the powerful role such a service has granted Musk as geopolitical conflicts continue to play out.
Musk, granting the Ukrainian government access to Starlink shortly after it was invaded by Russia in February 2022, has come under fire for partly directing the country's offensives by choosing when and where to turn on the country's internet access.
Related: SpaceX CEO Elon Musk's latest move in Gaza mirrors his position with Ukraine
He recently said he would provide such service to Gaza, stressing that it would be used only for humanitarian purposes.
Musk said the company would take "extraordinary measures" to ensure that any connection request will be used solely for humanitarian purposes before approving anything.
Earlier in the year, SpaceX achieved a $150 billion valuation, making it one of the most valuable private corporations in the country.
Much of the investor excitement around the company centers on Starlink.
The billionaire investor Ron Baron said recently that after Starlink spins off and goes public, SpaceX will be valued at $300 billion. And by 2030, he said, the company will be valued at as much as $600 billion.
SpaceX is targeting mid-November for its highly anticipated second test flight of Starship. The rocket's maiden voyage ended in a fiery explosion several minutes after takeoff in April.
Related: One of Elon Musk’s multi-billion dollar SpaceX promises just came up short
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