Starlink is the biggest moneymaker for Space Exploration Technologies (SPCX -2.80%), driving the company's connectivity segment, which accounted for 55% of revenue in Q2 2026. It's also growing rapidly, as it added 1.7 million net subscribers during the quarter.
That breaks down to about 570,000 subscribers per month. Here's how much this growth is worth to one of the most popular space stocks.
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Average revenue per user (ARPU) was $66 for both the quarter and the first six months of 2026. ARPU is monthly revenue, so each subscriber pays SpaceX an average of $792 per year. At 570,000 new subscribers per month, SpaceX adds about $450 million in annual recurring revenue (ARR) for every month of growth. If it maintains that pace for a year, it adds roughly $5.4 billion in ARR.
There are a few potential issues for investors to watch for. ARPU may decline as Starlink expands into lower-priced markets. It has already dropped from $85 a year ago.
Growth could also slow down, either due to market saturation or to network capacity constraints. An analysis published in June by Tim Farrar of TMF Associates estimated that Starlink's network currently had a capacity of about 20 million subscribers. On a positive note, SpaceX deployed 26 Starlink V3 satellites on Sept. 28, with each one designed to support 1 Tbps of downlink capacity. That said, it's only one launch, so Starship will need to launch regularly to meaningfully expand capacity.
NASDAQ: SPCX
Key Data Points
While Starlink's growth is impressive, it's also arguably priced in. Adding $5.4 billion in annual revenue doesn't move the needle much relative to the company's $2.2 trillion valuation (as of Oct. 12). Investors in SpaceX stock are betting on explosive growth from AI and the launch business, and Starlink will also need to maintain its trajectory to hold up its end.
