In 2026, Elon Musk plans to hold an initial public offering (IPO) for SpaceX, the most active rocket launcher in the world and operator of the world's biggest broadband satellite constellation, Starlink. If you've been following this story closely, you probably know that Starlink has grown into the most important business at SpaceX, producing most of the company's revenue and profit.
But I'll bet there are still a few things you don't know about Starlink.
Image source: Getty Images.
Thing 1: Starlink subscriber numbers keep on doubling
Since beginning beta service back in 2020, Starlink has grown from a few hundred satellites in orbit to more than 9,000. With satellites covering nearly every inch of the globe at this point, Starlink has become the world's biggest satellite internet provider -- and it gets bigger every year.
More than just bigger. In fact, Starlink's customer count doubles each year.
At the end of 2023, Starlink counted 2.3 million paying subscribers. By the end of 2024, that number had doubled to 4.6 million. Last year, the customer count doubled again, this time to 9.2 million. And according to the space analysts at Payload Space, Starlink is on course to double again in 2026 -- to 18.4 million subscribers.
Thing 2: Not all Starlink subscriptions are equal
Three straight years of precise 100% annual growth -- not 90%, not 110% -- don't happen by accident. This has me wondering whether SpaceX might be doing something to ensure that Starlink subscriptions literally double each year.
I don't mean that in a bad, conspiracy-theory kind of way, but rather in the sense that Elon Musk is on record wanting to see Starlink grow at a "reasonably predictable" rate and appears to have found a way to get his wish.
So, what might SpaceX be doing to ensure that Starlink's incredibly consistent 100% subscriber growth continues?
Giving away Starlink equipment (internet terminals) to encourage folks to subscribe could be one answer. Payload Space points out that "2025 was the year of the free terminal" at Starlink, as the company gave away terminals "for free in many US, European, Australian, and Canadian markets."
Fine-tuning Starlink pricing to attract customers in lower-income foreign countries could be a second part of the plan. In 2025, Starlink expanded its service into 35 new markets, bringing its total to 155 countries. In the U.S., top-level "residential max" service still costs $120 per month, but Payload Research estimates that average revenue per user (ARPU) worldwide is only about $70 per month.
What's dragging the ARPU down? International pricing. Globally, Starlink service can cost as little as $45 a month in "most other countries," says Payload.
Economics 101 teaches us that lower prices can generate greater demand. It's logical to assume that SpaceX might tweak its international pricing to goose its growth numbers when needed. (And not just internationally. In January, Starlink introduced a new $50 pricing tier for some U.S. users.)
Thing 3: Starlink is two-thirds of SpaceX
You're probably aware that Starlink is turning into a big part of SpaceX's business, and now you understand how fast it's growing -- but you may not be aware of precisely how much SpaceX already depends on Starlink to drive the revenue and profit that will determine its IPO's valuation.
In 2025, Payload estimates that SpaceX generated $15 billion in total revenue. (Because SpaceX is still privately owned, does not disclose its financial information, and has not yet produced a prospectus for an IPO, a guess is the best we have to work with.) Payload estimates that Starlink subscriptions and hardware sales (of internet terminals) accounted for $10.4 billion of that figure, meaning that more than $2 out of every $3 SpaceX makes now comes from Starlink.
It also means that SpaceX is now at least twice as much an internet service provider (ISP) as it is a rocket company!
The longer Starlink maintains its streak of 100%-growth years, the truer that will become over time, as Starlink revenue makes up an ever-larger proportion of total SpaceX revenue. When deciding whether you want to participate in the SpaceX IPO, keep that in mind.
