New York (CNN Business) SpaceX is laying off 10% of its 6,000-person workforce as it tackles two hugely expensive projects.

Elon Musk's rocket company said its finances are healthy, but that it needs to make cuts so its most ambitious plans can succeed.

"To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space-based Internet, SpaceX must become a leaner company," the company said in a statement. "Either of these developments, even when attempted separately, have bankrupted other organizations. This means we must part ways with some talented and hardworking members of our team."

"We are grateful for everything they have accomplished and their commitment to SpaceX's mission," the company said. "This action is taken only due to the extraordinarily difficult challenges ahead and would not otherwise be necessary."

The layoffs were reported earlier Friday by the Los Angeles Times

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