Elon Musk's SpaceX posts massive loss

  • 14/01/2017
Elon Musk of SpaceX (Getty)
Elon Musk (Getty)

Elon Musk's SpaceX lost more than a quarter of a billion US dollars in 2015 after a botched cargo run to the International Space Station and the subsequent grounding of its Falcon 9 rocket fleet.

The accident derailed SpaceX's expectations of US$1.8 billion (NZ$2.5 billion) in launch revenue in 2016, an analysis of the privately held firm's financial documents showed, according to The Wall Street Journal, which said it had obtained the documents.

SpaceX declined to comment on the Journal's report.

In a statement emailed to Reuters, SpaceX chief financial officer Bret Johnsen said the company "is in a financially strong position" with more than US$1 billion in cash reserves and no debt.

SpaceX, owned and operated by Musk, who also is chief executive of Tesla Motors, is aiming to return to flight on Saturday following a second Falcon 9 accident on September 1.