The Los Angeles Times reports that the cuts were announced Friday in an email to employees of the Hawthorne, California-based company.     

In a statement, Elon Musk's firm says it needs to trim costs in order to take on ambitious projects that would have bankrupted other organizations.     

SpaceX has a healthy business launching government and commercial satellites into orbit - including a launch Friday from California - and delivering supplies to the International Space Station.    

But SpaceX estimates it will need billions to build a spaceship capable of sending astronauts to Mars and a satellite system for global internet service.