When people think of SpaceX, they picture rockets, Falcon 9 boosters landing themselves, Starship launches, and Elon Musk's promises of Mars colonization. But the business actually paying SpaceX's bills, and the one underpinning its newly minted $1.8 trillion Nasdaq valuation, is something far less glamorous: satellite internet.&nbsp;The Numbers Behind the Hype&nbsp;In 2025, SpaceX generated $18.7 billion in total revenue. Of that, Starlink alone accounted for $11.4 billion, roughly 61 percent of the company's entire business. By comparison, SpaceX's rocket launch operations, including Falcon 9 and the Starship program, brought in about $4 billion, while a newer AI infrastructure segment contributed around $3 billion. Starlink isn't just the biggest revenue driver — it is also the only segment that consistently prints a profit. The division posted an operating profit of $4.4 billion in 2025, making it, as analysts have put it, the only SpaceX segment that prints consistent green on a GAAP basis.&nbsp;From Niche Service to Global Network&nbsp;Starlink's growth has been staggering. The service now counts more than 10.3 million subscribers worldwide, spanning rural communities without reliable broadband, maritime and aviation connectivity contracts, government and military clients, and increasingly, mobile carriers using Starlink for direct-to-cell coverage. What began as a side project to fund Mars ambitions has become the financial engine of the entire company.&nbsp;Why This Matters for the IPO Price Tag&nbsp;SpaceX's rocket business, while technologically dominant, SpaceX launches the vast majority of all orbital payloads globally, operates on thin margins and requires constant reinvestment in next-generation vehicles like Starship. The AI infrastructure business is new and unproven at scale. That leaves Starlink as the segment investors can actually point to when justifying a $1.8 trillion price tag: a real, profitable, recurring-revenue business with a growing global subscriber base, similar in some ways to a telecom or broadband company but with a much larger total addressable market and far higher growth rates.&nbsp;The Risk of Over-Reliance&nbsp;But this concentration also creates risk. If Starlink's growth slows, due to increased competition from rivals like Amazon's Kuiper constellation, OneWeb, or new entrants from China and the EU, the rest of SpaceX's business may not be able to pick up the slack. Morningstar analysts have already questioned whether SpaceX's valuation is justified, with some fair value estimates landing as low as $800 billion to $1.1 trillion, far below the $1.8 trillion price investors paid at IPO. Much of that gap comes down to how much weight is placed on Starlink's ability to keep growing at its current pace.&nbsp;For now, every Falcon 9 landing and every Starship test flight makes headlines. But it is the quiet hum of millions of Starlink dishes beaming internet down from orbit that is actually keeping SpaceX's trillion-dollar valuation afloat.

Starlink generated $11.4 billion in 2025 — 61% of SpaceX's revenue and its only profitable segment. Here's why satellite internet, not rockets, underpins SpaceX's IPO valuation.

When people think of SpaceX, they picture rockets, Falcon 9 boosters landing themselves, Starship launches, and Elon Musk's promises of Mars colonization. But the business actually paying SpaceX's bills, and the one underpinning its newly minted $1.8 trillion Nasdaq valuation, is something far less glamorous: satellite internet. The Numbers Behind the Hype In 2025, SpaceX generated $18.7 billion in total revenue. Of that, Starlink alone accounted for $11.4 billion, roughly 61 percent of the company's entire business. By comparison, SpaceX's rocket launch operations, including Falcon 9 and the Starship program, brought in about $4 billion, while a newer AI infrastructure segment contributed around $3 billion. Starlink isn't just the biggest revenue driver — it is also the only segment that consistently prints a profit. The division posted an operating profit of $4.4 billion in 2025, making it, as analysts have put it, the only SpaceX segment that prints consistent green on a GAAP basis. From Niche Service to Global Network Starlink's growth has been staggering. The service now counts more than 10.3 million subscribers worldwide, spanning rural communities without reliable broadband, maritime and aviation connectivity contracts, government and military clients, and increasingly, mobile carriers using Starlink for direct-to-cell coverage. What began as a side project to fund Mars ambitions has become the financial engine of the entire company. Why This Matters for the IPO Price Tag SpaceX's rocket business, while technologically dominant, SpaceX launches the vast majority of all orbital payloads globally, operates on thin margins and requires constant reinvestment in next-generation vehicles like Starship. The AI infrastructure business is new and unproven at scale. That leaves Starlink as the segment investors can actually point to when justifying a $1.8 trillion price tag: a real, profitable, recurring-revenue business with a growing global subscriber base, similar in some ways to a telecom or broadband company but with a much larger total addressable market and far higher growth rates. The Risk of Over-Reliance But this concentration also creates risk. If Starlink's growth slows, due to increased competition from rivals like Amazon's Kuiper constellation, OneWeb, or new entrants from China and the EU, the rest of SpaceX's business may not be able to pick up the slack. Morningstar analysts have already questioned whether SpaceX's valuation is justified, with some fair value estimates landing as low as $800 billion to $1.1 trillion, far below the $1.8 trillion price investors paid at IPO. Much of that gap comes down to how much weight is placed on Starlink's ability to keep growing at its current pace. For now, every Falcon 9 landing and every Starship test flight makes headlines. But it is the quiet hum of millions of Starlink dishes beaming internet down from orbit that is actually keeping SpaceX's trillion-dollar valuation afloat.

Rockets get the headlines, but Starlink is the business actually making SpaceX money. With $11.4 billion in revenue, a $4.4 billion operating profit, and over 10.3 million subscribers, satellite internet, not Falcon or Starship, is the backbone of SpaceX's trillion-dollar valuation.

Why SpaceX is worth $1.8 trillion?

French President Emmanuel Macron on Tuesday pointed to the US government's support for Elon Musk’s Starlink as justification for increased public investment in European industries. While addressing an industrial summit, Macron pitched for a “Buy European” push to boost competitiveness, proposing that it be funded through joint borrowing by the European Union.&nbsp;Macron said large-scale state funding was the only way for Europe to effectively compete with economic heavyweights such as the United States and China, noting that American innovation has benefited significantly from taxpayer support, according to The Sun.&nbsp;“Everybody is fascinated by Starlink… But if you are lucid, Mr Musk is probably one of the guys of the world who has had in his pockets the most… billions dollars of the American taxpayers in order to be subsidised,” Macron said.<h3>Elon Musk hit back</h3>Referring to Musk, the French president described him as “first an oversubsidised guy” by US federal agencies, while praising the model as highly innovative. Meanwhile, Musk later hit back on X, arguing that European governments provide greater subsidies to their industries than the US.&nbsp;Musk defended the government's role in supporting his companies, Tesla and SpaceX. “If you add up all the government funding Tesla and SpaceX have ever received, it is only about 1% of the combined value of the companies,” Musk stated.&nbsp;He contrasted this with most of the US and European aerospace companies, claiming that the government money they have received ‘surpasses’ 100% of their value.&nbsp;Also read: <a href="https://www.wionews.com/trending/-undisputed-champion-trump-gets-another-made-up-award-this-time-for-approving-projects-worth-175m-for-coal-plants-1770875052054">'Undisputed champion' Trump gets another made-up award, this time for approving projects worth $175M for coal plants</a> &nbsp;

Macron said large-scale state funding was the only way for Europe to effectively compete with economic heavyweights such as the United States and China, noting that American innovation has benefited significantly from taxpayer support.

French President Emmanuel Macron on Tuesday pointed to the US government's support for Elon Musk’s Starlink as justification for increased public investment in European industries. While addressing an industrial summit, Macron pitched for a “Buy European” push to boost competitiveness, proposing that it be funded through joint borrowing by the European Union. Macron said large-scale state funding was the only way for Europe to effectively compete with economic heavyweights such as the United States and China, noting that American innovation has benefited significantly from taxpayer support, according to The Sun. “Everybody is fascinated by Starlink… But if you are lucid, Mr Musk is probably one of the guys of the world who has had in his pockets the most… billions dollars of the American taxpayers in order to be subsidised,” Macron said. Elon Musk hit back Referring to Musk, the French president described him as “first an oversubsidised guy” by US federal agencies, while praising the model as highly innovative. Meanwhile, Musk later hit back on X, arguing that European governments provide greater subsidies to their industries than the US. Musk defended the government's role in supporting his companies, Tesla and SpaceX. “If you add up all the government funding Tesla and SpaceX have ever received, it is only about 1% of the combined value of the companies,” Musk stated. He contrasted this with most of the US and European aerospace companies, claiming that the government money they have received ‘surpasses’ 100% of their value. Also read: 'Undisputed champion' Trump gets another made-up award, this time for approving projects worth $175M for coal plants

Macron said large-scale state funding was the only way for Europe to effectively compete with economic heavyweights such as the United States and China, noting that American innovation has benefited significantly from taxpayer support.

Macron labels Elon Musk ‘oversubsidised’ by US taxpayers, calls for EU-funded industrial push

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Why SpaceX is worth $1.8 trillion?

Macron labels Elon Musk ‘oversubsidised’, calls for EU-funded industrial push