Connectivity (Starlink)Wide moat

SpaceX (SPCX) — moat facet

The part of SpaceX that makes money: $11.4 billion of revenue at a 39% margin in 2025, with subscribers doubling and the price per user falling a third.

1. ReportedThe segment's revenue was $11,387 million in 2025, up 49.8%, and its operating income $4,423 million, a 38.8% margin.
   SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
2. ReportedThe segment's revenue was $11,387 million in 2025, up 49.8%, and its operating income $4,423 million, a 38.8% margin.
   SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
3. Moat Explorer calcThe segment's revenue was $11,387 million in 2025, up 49.8%, and its operating income $4,423 million, a 38.8% margin.
   Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
4. ReportedIn the June 2026 quarter revenue was $4,291 million, up 66%, and operating income $1,656 million.
   SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
5. ReportedWhat is inside the line is set out in the prospectus: consumer broadband, enterprise connectivity for aviation, maritime and land mobility, government connectivity, and Starlink Mobile, the direct-to-phone service sold through about 30 mobile operators.
   SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
6. ReportedIt runs on about 9,600 broadband and mobile satellites, about 75% of all active manoeuvrable satellites in orbit at the end of March 2026, with a median residential download speed of 225 Mbps at peak hours.
   SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
7. ReportedConsumers pay a monthly fee that varies by country and speed, usually after buying a terminal; operators pay SpaceX a fixed fee or a fee per mobile user.
   SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
8. ReportedConsumer subscribers were more than 60% of the segment's 2025 revenue.
   SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
9. ReportedThe filings start the series in 2023, when Starlink had 2.3 million subscribers and the segment earned $469 million on $3,869 million of revenue, a 12.1% margin.
   SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
10. ReportedThe filings start the series in 2023, when Starlink had 2.3 million subscribers and the segment earned $469 million on $3,869 million of revenue, a 12.1% margin.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
11. Moat Explorer calcThe filings start the series in 2023, when Starlink had 2.3 million subscribers and the segment earned $469 million on $3,869 million of revenue, a 12.1% margin.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
12. ReportedSubscribers reached 4.4 million in 2024, 8.9 million in 2025 and 12.0 million by June 2026.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
13. ReportedSubscribers reached 4.4 million in 2024, 8.9 million in 2025 and 12.0 million by June 2026.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
14. ReportedRevenue compounded at 71.6% a year from 2023 to 2025, and the margin rose to 26.4% and then 38.8%.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
15. Moat Explorer calcRevenue compounded at 71.6% a year from 2023 to 2025, and the margin rose to 26.4% and then 38.8%.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
16. ReportedIn 2024 consumer revenue rose $2,013 million on 96.5% more subscribers and an 8.1% fall in revenue per user, and enterprise and government revenue rose $1,717 million, most of it, $1,250 million, from government.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
17. ReportedIn 2025 consumer revenue rose $2,377 million on 99.9% more subscribers and an 11.2% fall in revenue per user, while government added only $193 million and enterprise $1,218 million, including $632 million from mobile.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
18. ReportedIn the March 2026 quarter the segment's revenue rose $782 million, 31.6%: consumer revenue added $656 million as subscribers grew 104.7% and revenue per user fell 22.9%, aviation, maritime and other enterprise added $209 million and mobile $85 million, while government connectivity fell $175 million.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
19. ReportedAverage revenue per user was $99 a month in 2023, $91 in 2024, $81 in 2025 and $66 in both quarters of 2026, which the filing attributes to international expansion and cheaper plans.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
20. ReportedAverage revenue per user was $99 a month in 2023, $91 in 2024, $81 in 2025 and $66 in both quarters of 2026, which the filing attributes to international expansion and cheaper plans.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
21. ReportedAverage revenue per user was $99 a month in 2023, $91 in 2024, $81 in 2025 and $66 in both quarters of 2026, which the filing attributes to international expansion and cheaper plans.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
22. ReportedThe June quarter shows the cost: subscribers doubled from a year earlier while consumer revenue rose 44%, to $2,485 million.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
23. ReportedEnterprise and government revenue, which includes Starlink Mobile, grew 108% to $1,806 million, and it now carries more of the growth.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
24. ReportedEnterprise and government revenue, which includes Starlink Mobile, grew 108% to $1,806 million, and it now carries more of the growth.
    SpaceX Form 10-Q, quarter ended 30 June 2026 - Customer B (AI segment) 19.5% of revenue; backlog $47,461M, about 56% within one year; Enterprise & Government revenue includes Starlink Mobile — Q2 2026 · publ. August 4, 2026 · source ↗
25. ReportedIts capital spending was $2,455 million in 2023, $3,498 million in 2024 and $4,178 million in 2025, against segment adjusted EBITDA of $1,602 million, $3,849 million and $7,168 million.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
26. ReportedThe June 2026 quarter kept the same shape, with $2,597 million of adjusted EBITDA against $1,367 million of capital spending.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
27. ReportedDepreciation is the cost that grows with the network: in 2025 the segment's cost of revenue rose $1,153 million, $827 million of it higher depreciation on satellites and launches, and depreciation and amortisation reached $2,376 million against $884 million two years earlier.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
28. ReportedDepreciation is the cost that grows with the network: in 2025 the segment's cost of revenue rose $1,153 million, $827 million of it higher depreciation on satellites and launches, and depreciation and amortisation reached $2,376 million against $884 million two years earlier.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
29. ReportedStarship is meant to carry the next-generation V3 satellites, each designed for one terabit per second of downlink, up to 60 at a time, which the prospectus says would be a twenty-fold increase in capacity per launch.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
30. Moat Explorer calcThe figure that would change that verdict is the operating margin, 38.8% in 2025 and 38.6% in the June 2026 quarter: a margin that falls while subscribers keep doubling would say growth is being bought with price faster than scale can pay for it.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗

• SpaceX (Space Exploration Technologies) Form S-1 registration statement (SEC EDGAR)
• SpaceX Form 10-Q, June 2026 quarter