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SpaceX Accident Cost it Hundreds of Millions

January 13, 2017, 9:04 PM UTC
SpaceX: The Privately Funded Aerospace Company Founded By Elon Musk
CAPE CANAVERAL, FL - MAY 5: In this handout provided by the National Aeronautics and Space Administration (NASA), SpaceXs Falcon 9 rocket sits on the launching pad with the JCSAT-14 communications satellite on May 5, 2016 in Cape Canaveral, Florida. (Photo by NASA via Getty Images)
Photograph courtesy of NASA via Getty Images

Elon Musk’s SpaceX lost more than a quarter of a billion dollars in 2015 after a botched cargo run to the International Space Station and the subsequent grounding of its Falcon 9 rocket fleet, The Wall Street Journal reported on Friday.

The accident derailed SpaceX’s expectations of $1.8 billion in launch revenue in 2016, an analysis of the privately held firm’s financial documents showed, according to the 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 $1 billion in cash reserves and no debt.

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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 Sept. 1.