iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
In 2025, SpaceX reported $11.387 billion in revenue for its Connectivity segment, which is primarily driven by Starlink, and $4.086 billion for its Space segment. Connectivity grew faster, but neither figure is a direct Starlink-versus-launch comparison: SpaceX does not disclose a standalone Starlink revenue total in the cited segment results, and Space includes development and government mission work as well as customer launches.
How much revenue did each segment generate?
SpaceX’s June 5, 2026 prospectus reports these full-year results for the year ended December 31. Amounts are U.S. dollars.
| Segment | 2025 revenue | 2024 revenue | 2025 change |
|---|---|---|---|
| Connectivity, primarily driven by Starlink | $11.387 billion | $7.599 billion | +$3.788 billion; 49.8% growth |
| Space | $4.086 billion | $3.796 billion | +$290 million; 7.6% growth |
These are segment totals, not a standalone Starlink revenue figure and a launch-only revenue figure. SpaceX’s prospectus does not provide a separate Starlink-only total in the cited breakdown, so the Connectivity figure should not be presented as revenue from Starlink alone.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
What drives Connectivity revenue?
Connectivity is primarily driven by Starlink, with consumer subscribers as well as enterprise and government connectivity contributing to the business. SpaceX reported that the segment’s revenue increase in 2025 came from both customer growth and expanded connectivity offerings.
#1 Best Overall
Consumer subscribers: more customers, lower average revenue per user
Consumer subscriber revenue increased by $2.377 billion in 2025. SpaceX reported 99.9% growth in Starlink subscriber count, while subscriber average revenue per user (ARPU) fell 11.2%. The prospectus attributes the ARPU decline primarily to international expansion and lower-priced plans. In other words, subscriber numbers nearly doubled, but the average revenue per subscriber moved in the opposite direction.
Enterprise, mobile and government connectivity
Enterprise and government connectivity revenue together increased by $1.411 billion in 2025. Within that change, enterprise connectivity grew by $1.218 billion, including $632 million in mobile connectivity growth, while government connectivity grew by $193 million. These amounts are components of the segment’s year-over-year revenue change, not separate segment totals.
What does Space segment revenue include?
Space revenue is a mix of customer launch services and Launch and Development work. In 2025, Launch Services made up 63.0% of Space segment revenue, while Launch and Development made up 37.0%, according to SpaceX’s June 2026 prospectus.
Launch Services
Launch Services covers deploying commercial and government customers’ payloads to their intended orbits using Falcon 9 and Falcon Heavy. SpaceX recognizes this revenue at a point in time when the customer’s payload is launched or deployed to its intended orbit. Consequently, the timing of a mission can affect when this revenue is reported.
Launch and Development
Launch and Development covers spacecraft development and launch or mission services for government agency programs, using Falcon 9, Falcon Heavy, Starship and Dragon. SpaceX recognizes this revenue over time under the applicable contract accounting. Because it includes development and contracted mission work, this category is not simply a count of launches.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Starlink launches do not count as launch-segment sales
SpaceX uses launch capacity to deploy its own Starlink satellites, but it does not record those internal launches as revenue from Space to Connectivity. The prospectus says that for Starlink satellite launches, “the Company does not recognize any inter-segment revenue”; instead, launch costs are capitalized in the satellites as property, plant and equipment.
SpaceX states that its Space segment revenue “only reflects our customer launches and customer activities.” That accounting distinction explains why Space revenue is not a measure of all launch activity: internal launches help build the Connectivity network, but they do not appear as a sale to Starlink in Space segment revenue.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallQuick Recap
Best Value
How to read the comparison
- For reported scale: compare the 2025 Connectivity and Space segment totals, while keeping their different scopes in mind.
- For growth: Connectivity’s 49.8% growth came from consumer subscriber revenue and enterprise and government connectivity gains; Space’s 7.6% growth covers its combined customer launch and Launch and Development activities.
- For launch revenue specifically: the 63.0% Launch Services share of Space revenue is the disclosed mix, but SpaceX’s segment total also includes Launch and Development.
- For Starlink specifically: Connectivity is primarily driven by Starlink, but the prospectus does not establish a separate Starlink-only revenue amount in the cited results.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
