
SpaceX Starlink alone will generate $20 billion in revenue this year, almost doubling the estimated $11.8 billion it made in 2025. SpaceX will also have more launch revenue.
Starlink has subscriber growth going from adding 750,000 per month to 1.5 million per month. A fundamental shift in revenue mix, pricing dynamics, and the growing role of government demand.
More than 30 airlines now provide Starlink, and revenue from that segment is expected to climb 68% from last year.
About 75,000 shipping vessels are expected to add Starlink service this year, which could generate $1.9 billion.
In 2025, SpaceX Government and Military Contracts (NASA + DoD/Starshield + Military Launches) was $4.5-5.5 billion total unclassified government revenue. This includes NASA contracts: ~$1.1 billion (including HLS/Artemis milestones).
Starshield (military-grade Starlink service + constellation) lower than 2026 levels estimated at ~$2B in 2024. Growth continued into 2025 but not yet at program-of-record scale.
2026 projection is ~$7 billion total government contracts revenue.
The government revenue is roughly $1.5-2.5 billion higher in 2026. Starshield specifically is projected at about $3.2 billion in 2026.