(Bloomberg) -- SpaceX's Starlink service has reached breakeven cash flow, according to Chief Executive Officer Elon Musk, a milestone for the space-based internet provider.
Musk disclosed the achievement in a post Thursday on his social-media platform, X. Starlink now accounts for a majority of all active satellites, he said.
While financial details remain sparse for the closely held company, Gwynne Shotwell, SpaceX's president and chief operating officer, said earlier this year that it had already achieved a cash-flow positive quarter and would make money this year.
It's a significant turnaround for the company, formally known as Space Exploration Technologies Corp., after Musk said last year that Starlink was “still losing money.” He suggested at the time that his biggest goal for the business was that it “not go bankrupt.”
Investors and industry observers are keeping a close watch on Starlink, which company leaders have said may be taken public someday.
--With assistance from Shelly Banjo.
(Updates with additional details beginning in second paragraph)
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