SpaceX's Starlink Hits 10.3 Million Paid Subscriptions in IPO Filing, ARPU Dips
SpaceX's S-1 IPO filing reveals Starlink has 10.3 million paid subscriptions across Residential, Roam and Business plans, though multiple service lines can be tied to a single end-user, and ARPU fell to $66/month as the company expands internationally and offers cheaper plans. Starlink Mobile serves about 7.4 million monthly devices; the Connectivity segment generated about $11.3B in 2025 revenue with $4.4B operating income, and accounted for roughly 60% of SpaceX's total $18.7B revenue. SpaceX posted a Q1 net loss of around $4.3B and a 2025 net loss of $4.9B; Starlink terminal costs have fallen ~59% since 2022. SpaceX sees a large TAM for Starlink ($870B) and a $26T AI enterprise market, with plans for satellite data centers; total satellites ~9,600 and satellite assets near $12.9B.