SpaceX is set to go public in a few days at a valuation north of $1.7 trillion.
The narrative has quite a few big, futuristic bets: Starship, orbital data centers, and ambitions that stretch far beyond Earth
But the business doing much of the heavy lifting today is Starlink. The satellite internet network has become SpaceX’s primary profit engine, but it also carries some very real risks. Average revenue per user is falling, capital requirements remain heavy, and each new wave of customers appears less valuable than the last.
For investors, the question is whether Starlink can remain as profitable as it becomes larger. Starlink Cash Engine The connectivity segment booked $11.39 billion in revenue in 2025, up 50%, with operating profit of $4.42 billion and adjusted EBITDA of $7.17 billion at a 63% margin. That margin climbed from 41% in 2023 to 50% in 2024 and reached 63% in 2025.