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 $1.1 billion next year, Musk said in a post on X.

While NASA continues to fund deep space exploration and research missions, SpaceX has leaned on growing demand for cost-effective launch services and satellite communications to generate revenue.