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Unlike Tesla, SpaceX is not listed on the stock exchange and, as such, is not required to present its quarterly financial results. Nevertheless, thanks to estimates, we can get an idea of the revenue generated by Elon Musk's satellite communication service, as well as its growth. In an article published this week, our colleagues at Ars Technica relay two estimates. For its part, Quilty Space estimates that in 2024, the service generated $7.8 billion. And 60% of this revenue would come from the consumer segment. As for Payload, it estimates Starlink's revenue in 2024 at $8.2 billion.
In any case, we observe an exceptional growth of Starlink. Payload estimates for example that in 2023, this service generated 4.2 billion dollars. The number of users has also increased significantly in a short time. In September 2024, Starlink crossed the 4 million user mark, with a presence in more than 100 countries. A year earlier, Starlink crossed the 2 million user mark. Furthermore, it should be remembered that in addition to offering its services to individuals, Starlink also has subscriptions for boats and planes, as well as contracts with governments.
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According to Payload estimates, SpaceX's revenue in 2024 would have been 13.3 billion dollars. And as a result, the revenue generated by satellite communication would far exceed that generated by launches. Moreover, Starlink's growth is expected to continue in 2025.
Citing Quilty Space data, Ars Technica explains that by 2024, Starlink would have generated a few hundred million dollars in free cash flow for SpaceX. And by 2025, if this free cash flow would reach around $2 billion, thanks to Starlink revenues that could exceed $12 billion. But, since all the figures are only estimates, and not official data, caution is still advised.
Otherwise, we also recall that SpaceX is in the process of deploying Starlink's Direct-to-cell service. This allows smartphones to communicate via satellite, without going through Starlink antennas, as if you were on a classic 4G network. This new feature is currently being tested in beta with the T-Mobile operator in the United States, and Starlink already has plans to expand with global operators.
- Estimates suggest a sharp increase in Starlink revenue in 2024, which makes sense given that the number of users is also growing rapidly
- This growth is expected to continue in 2025, with one estimate suggesting revenue could exceed $12 billion
- Starlink is also rolling out its Direct-to-cell service, which will allow users to connect directly to their smartphones
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