A busy rocket-launch business and growth in the Starlink satellite division are driving gains for the privately held company.

Elon Musk's SpaceX will record revenue of about $15.5 billion this year, the billionaire said on Tuesday, underscoring the rocket maker's growing dominance in the commercial space sector. The company's commercial revenue from space will exceed NASA's budget of roughly $1.

Elon Musk outlined SpaceX’s plans for flights to Mars, along with his long-term vision to establish a permanent city on the red planet.