Geek Culture
Financial records from before Starlink show that SpaceX spent a lot of money on moonshot bets
SpaceX’s 2018 and 2019 confidential financial records give us a first look at how much the company probably depends on its Starlink business unit and getting the Starship rocket online in order to start making money.
The detailed balance sheets are from five years ago, but they give a very close look at how one of the most important and mysterious private companies in the U.S. works. In November, people familiar with the matter told Bloomberg that SpaceX went from losing $2 billion in sales to supposedly making $9 billion in 2023 and $15 billion in 2024. These numbers help show what the company spent its money on and how much it spent it.
The company had two important years in 2018 and 2019: SpaceX launched its Falcon Heavy rocket for the first time in February 2018. In March of that year, the company failed a key flight test of its crew Dragon capsule, but a month later, the same capsule exploded while being tested on the ground. SpaceX was probably under a lot of pressure to give NASA astronauts a safe, reliable spaceship so that it could start making more money from the huge government contract it won to carry crews.
Also, SpaceX sent up its first 60 Starlink satellites that year. The company’s main goal is to build a colony of humans on Mars, or, as CEO Elon Musk often says, “to expand the light of consciousness” throughout the universe. The service has become an important part of those plans.
Let’s look at it
Comprehensive balance sheets from those years that were looked at show that the company made $1.98 billion in sales in 2018 and $1.45 billion in 2019, but it had a net loss of -$308 million in 2018 and -$501 million in 2019. SpaceX changed how it reported revenue from the percentage of a total contract that was completed to the percentage of discrete aspects of each contract that were completed because of a change in accounting rules, which is why revenue went down from 2018 to 2019. I saw the documents that explained this. I asked SpaceX for a word on this story, but they didn’t answer.
Most of the losses were due to “cost of revenue,” which is a broad term for all the costs that come with making and selling a product or service. In this item, it also lists the prices of its employees and contractors, as well as the rent and utilities. SpaceX even takes into account the costs of reusing launch vehicle gear that has lost value over time.
Additionally, the business spent a lot of money on R&D—$559 million in 2018 and $661 million the following year. Companies often put the costs of hiring people in this line item; this is the “development” part of R&D. In SpaceX’s case, though, the financial statement says that these costs were mostly for the Starlink and Starship projects. SpaceX launched the first batch of operational Starlink satellites in May 2019, which was a significant advancement for the program. At the end of 2018, the company had $868 million in cash and cash equivalents. In 2019, they will have $990 million.
The balance sheets cover the years after NASA gave SpaceX contracts to take people and things to and from the International Space Station. Getting contracts with NASA from the U.S. government brought in 37% of the money in 2018 and 83% of the money in 2019. This probably doesn’t come as a surprise.
The company’s value grew to $180 billion at the end of last year. Since May 2019, when 60 Starlink satellites were launched, it has made truly huge progress: More than 5,500 active satellites are now in space, and more than 2.5 million people have signed up to use them. This is clear from the fact that sales are through the roof.
When Starship gets there, things might change again. The huge rocket is currently being tested in space from the company’s launch site in Texas. It will be needed to keep up the launch schedule for the second-generation satellites. These satellites will weigh almost twice as much as the first generation of satellites. Adding more satellites to orbit will help end users get more room.
It was in May 2022 that Elon Musk, CEO of SpaceX, said that Starship “is the only thing that can carry the Starlink 2 satellites.”
“Falcon [9] does not have the volume or the mass-to-orbit capability that Starlink 2 needs,” he said.
A lot of people have questions about SpaceX’s most recent financials. The company uses its own rocket, the Falcon 9, to launch its Starlink satellites. This lets it send the internet satellites into space at a rate that has never been seen before. The company can spread out the cost of gear over time because the rocket booster can be used more than once. But it will take longer to get Starlink to millions more people around the world if Starship doesn’t go live right away.
Gaming
Street Fighter 6, the highly anticipated brawler for PS5 and PS4, is receiving a significant balance update
Street Fighter 6, the highly anticipated brawler from Capcom, is set to receive significant balance adjustments coinciding with the arrival of Akuma on May 22nd. The trailer above offers a glimpse of the latest updates, highlighting the introduction of an exciting new wakeup drive reversal mechanic. This provides players with a valuable tool for countering combos, particularly in situations where they find themselves cornered on the screen.
The trailer showcases a plethora of fresh combat options for almost every character, hinting at potential nerfs to balance out the buffs that are being showcased. It’s safe to say that not everyone will be pleased with the changes, especially if beloved characters are being toned down. However, we’ll have to wait for the response from the competitive community to truly gauge the impact.
The release of Akuma will mark the end of the first season of content for the game, and fans can anticipate an announcement regarding the second season in the coming summer months.
In accordance with Bethesda’s previous announcement, the developer has now made available a new PS5 patch for Fallout 4. This patch focuses on enhancing the game’s graphical options and includes additional fixes and improvements. The update is now ready for download on PS5, with a compact size of just 189.4MB. You’ll have it downloaded and installed in no time.
Bethesda hasn’t yet released any official patch notes for version 1.000.002. However, players have already started sharing their findings, suggesting that the resolution and frame rate settings can now be adjusted separately on the title screen. Now you have the option to select from three different target frame rates (30 fps, 40 fps for select TVs, and 60 fps), along with the choice of either a native 4K resolution or a dynamic one. The upcoming update will address the visual bugs that have been reported in the PS5 version.
Update: Bethesda has provided the patch notes for PS5 update 1.10.985:
Display settings for Xbox Series S and PlayStation 5
Thanks to your valuable feedback, we have successfully incorporated the feature that allows you to adjust the graphic quality and performance. We strongly suggest sticking with the default settings, but now you have the option to customize your preferences to better suit your playstyle and display.
Setting the frame rate target
You have the option to select between 30, 40, and 60 (default) for the Frame Rate Target. It’s worth mentioning that in order to choose 40, your display needs to have the capability to handle 120 Hz.
Emphasizing Visual and Performance Prioritization
Now you have the option to select between Visuals and Performance (default) in order to uphold the frame rate target. If you opt for a Frame Rate Target of 60, it is advisable to choose the Performance option. Both modes have the ability to dynamically adjust internal resolution as scenes or actions become more intense.It is important to remember that both modes can only be adjusted from the main menu.
Bug Fixes
- General stability improvements
- Fixed visual issue with certain image spaces
- Auto HDR is re-enabled (Xbox Series S|X)
- Fixed issue where reserved space was not displayed correctly in load order menu (Xbox Series S|X)
- Fixed issue with character name field when in widescreen mode. (PC)
- Fixed an issue that occasionally caused bundles to not fully download and could cause a crash
- Fixed an issue with material swaps
- Fixed an issue with load order that would break DLC until a restart after downloading mods (PlayStation 5)
- Fixed an issue that would occasionally cause a crash if you returned to the Main Menu with queued mods still downloading (PlayStation 5)
- Fixed an issue that could cause the Creation Club menu to not appear (Microsoft Store)
- Fixed a crash that could occur when connecting to the network after a suspend/resume with the network disabled (Xbox One)
Creations Fixes
- Fixed missing art issue with certain Creations
Gaming
Helldivers are angry at Arrowhead because the community manager was fired without due process
Throughout history, it has become evident that, in the face of tyranny, those who cherish liberty and democracy will stop at nothing to defend them. They will fight relentlessly, using every last round of ammunition and shedding the final drop of blood. In a stunning turn of events, it appears that developer Arrowhead is facing a potential revolution, as previously loyal Helldivers 2 players who once supported the developer are now expressing their outrage. They passionately advocate for justice and the inclusion of the undemocratically dismissed community manager, who has affectionately been nicknamed “General” Spitz, into the official in-game lore.
In typical fashion, an overnight Change.org petition (courtesy of RPS) has garnered nearly 4,500 signatures at the time of writing. This is an attempt to make Arrowhead reevaluate their decision to let go of Spitz, a community manager who has been an integral part of the community since the game’s release. In the midst of the PC/PSN account linking debacle, Spitz, like a game critic sensing the winds of fate, rallied the community on Discord (as seen on Twitter) to express their discontent through reviews, refunds, and other means. It enhances our influence in the discussions with Sony. They completely disregard our discord.
After the chaos subsided the following day (yesterday), Spitz addressed the community, describing this action as “almost.” It hasn’t exactly resulted in their termination. Shortly after, a final transmission was confirmed where Spitz disclosed that they had been released, expressing their resilience by saying, “Every war has its casualties.”
On May 7, 2024, around 11:45 PST, the Helldivers Discord community made an interesting discovery. It seems that the community manager, Spitz, had been unexpectedly removed from his position, and any evidence of his previous involvement in the discord was completely wiped out. This incident seems to have ignited a revolution, with Helldivers demanding the immediate reinstatement of Spitz and his immortalization in the game for his self-sacrifice.
“We strongly advocate for the official canonization of General Spitz in Helldivers lore. Embracing the spirit of liberation. Supporting democracy. For the betterment of the game and its devoted community.
It’s interesting to see how this situation unfolds. Arrowhead CEO Johan Pilestedt himself commends the determination of players in the Sony showdown, but there seems to be a hint of contradiction here. “General” Spitz provided us with some thought-provoking words to ponder: “I was well aware of the potential consequences when I made my statement about refunding and altering reviews; nevertheless, I remain steadfast in my position. I fulfilled my role as a representative of the community, just as I was expected to.
Spitz is no longer the Community Manager.
byu/Tabub inHelldivers
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