Starlink Has 10 Million Subscribers, and It’s Just Getting Started.
Here’s Why That Matters for SpaceX Investors
Shares of Space Exploration Technologies (NASDAQ: SPCX), known as SpaceX, trade at a steep premium, and that valuation is built on more than the company launching rockets. A big part of the bull case is Starlink, SpaceX’s satellite internet business, which reached 10.3 million subscribers in the first quarter. Starlink’s subscriber base has doubled over the past year.
That growth matters because Starlink is the company’s most profitable business right now. Those profits can help fund SpaceX’s broader ambitions in space and artificial intelligence (AI), which together represent enormous growth potential for the company. SpaceX is starving for capital SpaceX may be best known as Elon Musk’s rocket company, but the financial picture looks more like a vertically integrated technology infrastructure business with three operating segments: Connectivity (Starlink), Space, and AI.