B2 Reading: SpaceX, From Near-Bankruptcy to Record-Breaking Giant
Read the article about SpaceX and fill in the gaps.
When Elon Musk founded SpaceX in 2002, the space industry was dominated by governments and a few huge defence companies. His stated was to cut the cost of reaching space so dramatically that humans could one day live on Mars. Industry experts were deeply .
The early years nearly proved them right. The company's first three rocket launches ended in , and by 2008 SpaceX was close to running out of cash. The fourth launch, in September of that year, finally reached orbit, and a valuable NASA contract to resupply the International Space Station followed months later, keeping the company alive.
SpaceX's real was reusability. Traditionally, rockets were thrown away after a single flight. In 2015, SpaceX landed a booster upright after launch for the first time, and it has since flown the same boosters again and again, the cost of each launch. that once laughed at the idea have been forced to copy it. In 2020, SpaceX became the first private company to carry astronauts to the space station.
Much of its income now comes from Starlink, a network of around 10,000 satellites that provides high-speed internet to customers worldwide, from remote villages to ships at sea. This steady helped make the company's stock market debut in June 2026 the largest in history: SpaceX raised $86 billion at $135 a share. However, investor enthusiasm did not last. By late July, the share price had fallen by roughly half from its .
Meanwhile, Starship, the giant fully reusable rocket designed for the Moon and Mars, is still being tested. Musk had predicted an uncrewed Starship mission to Mars by the end of 2026, but that deadline will be missed, adding to a long list of timelines that have slipped.
The company also faces . Astronomers complain that thousands of bright satellites make it harder to observe the night sky, while others warn about the growing amount of space junk in orbit. And because Musk controls more than 80% of the voting power, some investors worry that the company's future depends too heavily on one .
Still, few would deny that SpaceX has the space industry in little more than two decades.
The early years nearly proved them right. The company's first three rocket launches ended in , and by 2008 SpaceX was close to running out of cash. The fourth launch, in September of that year, finally reached orbit, and a valuable NASA contract to resupply the International Space Station followed months later, keeping the company alive.
SpaceX's real was reusability. Traditionally, rockets were thrown away after a single flight. In 2015, SpaceX landed a booster upright after launch for the first time, and it has since flown the same boosters again and again, the cost of each launch. that once laughed at the idea have been forced to copy it. In 2020, SpaceX became the first private company to carry astronauts to the space station.
Much of its income now comes from Starlink, a network of around 10,000 satellites that provides high-speed internet to customers worldwide, from remote villages to ships at sea. This steady helped make the company's stock market debut in June 2026 the largest in history: SpaceX raised $86 billion at $135 a share. However, investor enthusiasm did not last. By late July, the share price had fallen by roughly half from its .
Meanwhile, Starship, the giant fully reusable rocket designed for the Moon and Mars, is still being tested. Musk had predicted an uncrewed Starship mission to Mars by the end of 2026, but that deadline will be missed, adding to a long list of timelines that have slipped.
The company also faces . Astronomers complain that thousands of bright satellites make it harder to observe the night sky, while others warn about the growing amount of space junk in orbit. And because Musk controls more than 80% of the voting power, some investors worry that the company's future depends too heavily on one .
Still, few would deny that SpaceX has the space industry in little more than two decades.