SpaceX, Elon Musk's space venture, generated approximately $8 billion in profit last year, according to sources familiar with the company. This comes as the company prepares for a highly anticipated initial public offering (IPO) later this year. Revenue reached between $15 and $16 billion, fueled primarily by its Starlink satellite internet service.

The strong financial performance has led some banks to estimate SpaceX could raise over $50 billion at a valuation exceeding $1.5 trillion. The company's rapid expansion, including the launch of thousands of Starlink satellites, has solidified its position as the world's largest satellite operator. SpaceX is also in talks to merge with Musk's AI company, xAI, ahead of the IPO.

Starlink's revenue contributes significantly, accounting for 50-80% of total revenue. SpaceX's strategy includes expanding Starlink into the direct-to-device market, allowing mobile phones to connect directly to satellites. The upcoming IPO, potentially the world's largest, is planned around Musk's birthday in June.

This robust financial footing is critical for funding the development of SpaceX's next-generation Starship rocket, which Musk intends to use for launching more powerful Starlink satellites and, eventually, space-based AI data centers. The success of the IPO and Starship's progress will be key indicators of SpaceX's future.