SpaceX's biggest moneymaker, Starlink, soars in runup to IPO

Analysts expect SpaceX's satellite internet service to generate $20 billion in revenue this year.

SpaceX's satellite internet firm, Starlink, has been the biggest moneymaker for Elon Musk's space conglomerate for three years running, and the trend is set to continue, according to industry analysts.

Many see the SpaceX subsidiary, which has a factory in Bastrop County and seeks to provide broadband internet access anywhere in the world, as one of the strongest selling points for the space company as it prepares to go public later this year in what's expected to be the biggest initial public offering. The company is reportedly on track to be worth $2 trillion when it goes public.

Industry analysts predict SpaceX will generate between $22 billion and $25 billion this year, with most of that coming from the growing Starlink business that already has more than 10 million customers and a network of nearly 10,200 satellites.

Some scientists have voiced concerns that the constellation is cluttering the sky and potentially polluting the atmosphere, but that hasn't slowed Starlink's steady growth and expansion plans. It's looking to triple its Starlink network to 34,400 satellites and develop a separate constellation of a million spacecraft working as orbital data centers over the coming years.

"The (Starlink) business looks nothing like it did 18 months ago," Quilty Space, a space economy research and consulting firm, said on social media.

SpaceX and its subsidiaries are still private companies so their financials aren't yet public, but Quilty's analysts predict that Starlink alone will generate $20 billion in revenue this year, almost doubling the estimated $11.8 billion it made in 2025.

"As Starlink scales globally, the story is no longer just about subscriber growth, but a fundamental shift in revenue mix, pricing dynamics, and the growing role of government demand," Quilty said in an email.

The firm doesn't break out SpaceX's other revenue sources, such as launches, for 2026, but it estimated the company made $4.4 billion from launches in 2025. SpaceX's launch revenue wasn't expected to significantly grow this year.

This year, SpaceX is on track to make $7 billion from its government contracts including those with Starlink, launches for the military and NASA, missions to the International Space Station and its work on the Artemis program.

About 44% of Starlink's revenue, which includes the military network known as Starshield, comes from business with the U.S. government, according to Quilty.

Starlink is now available in the U.S. and more than 150 other countries as well as in the sky and on the seas.

More than 30 airlines provide the service, and revenue from that segment is expected to climb 68% from last year, according to Quilty. About 75,000 vessels were expected to add Starlink service this year, which could generate $1.9 billion.

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Analysts think Starlink will have nearly 17 million subscribers and the capacity to build 4,000 satellites annually by the end of the year.

Starlink builds and operates its satellites at its Redmond, Wash., facility. In Bastrop, the firm makes the terminal kits that customers buy.

State records show it's invested at least $106 million in facilities at its Bastrop site.

Last March, SpaceX announced it was investing $280 million there for a semiconductor research and development and advanced packaging facility.

The state gave SpaceX $17.3 million for the project in a grant from its Semiconductor Innovation Fund.