SpaceX S-1 Filing Shows Starlink Revenue at $11.4 Billion
SpaceX reported $11.4 billion in Starlink revenue for 2025. The filing also disclosed capital spending and growth trends for the satellite network.
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theverge.comU.S. Securities and Exchange Commission that included financial details on its Starlink satellite network. 4 billion in revenue last year. 4 billion on its satellite business since the beginning of 2023. It also reported that the company must replace about one-fifth of its satellites each year to maintain service levels.
The S-1 noted that full reusability of Starship is not required to launch the next generation of Starlink satellites. It added that without full reusability, launch costs on Starship may not be much lower than on Falcon 9. Last week, the third version of Starship completed a test flight.
The vehicle deployed dummy satellites and two test vehicles but encountered issues relighting its Raptor engines for controlled return.
SpaceX reported just over 10 million Starlink subscribers. Average revenue per user fell from $99 in 2023 to $66 in the first quarter of 2026. The filing indicated that Starlink user growth slowed during the first quarter of 2026. SpaceX stated that it plans to begin launching a new generation of higher-throughput Starlink satellites later this year.
Key Facts
Story Timeline
4 events- 2025
Starlink generated $11.4 billion in revenue.
1 sourceTechCrunch - Q1 2026
Starlink average revenue per user reached $66.
1 sourceTechCrunch - May 2026
SpaceX filed S-1 registration statement with SEC.
1 sourceTechCrunch - May 2026
Third version of Starship completed test flight.
1 sourceTechCrunch
Potential Impact
- 01
SpaceX may launch next-generation Starlink satellites on expendable Starship vehicles later this year.
- 02
Higher launch costs could reduce margins if Starship reusability targets are not met.
- 03
Slower subscriber growth may limit revenue increases from new satellite capacity.
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