Quilty Space has published its 2025 financial overview and 2026 forecast for Starlink, SpaceX’s broadband-by-satellite system. Quilty described Starlink as enjoying a “subscriber stampede”.

“Part checkup, part roadmap, our analysis reviews traction across consumer, maritime, aviation, government, and DTC segments, before sharing projections of where the growth curve bends next,” added Quilty’s report.

Quilty highlights include:

· Consumer Outlook: Revised to 8.2 million subscribers by the end of 2025, sustaining double-digit growth while many rivals remain “stuck at the gate”.

· Consumer Cash Cushion: Pricing pivots haven’t dented topline, with consumer revenues still on track for $10.3 billion by 2026.

· FCF Flightpath: Positive since 2024, free cash flow accelerates to ~$5 billion by 2026, marking Starlink’s evolution from capital sink to profit spigot.

· India Unlocks: Regulatory clearance tees up one of the most significant new-market rollouts on Starlink’s global map.

· Maritime Market Swells: Vessel installs jump to 130k by 2026, cementing Starlink as the ubiquitous LEO layer at sea.

· IFC Liftoff: Aviation revenues climb nearly 10x by 2026, powered by marquee airline deals, new STCs, and a steady installation cadence.

· Military Momentum: US government revenues ramp as recurring Starshield service and constellation contracts galvanise under the Golden Dome.

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Categories: Articles, Broadband, Satellite

Tags: quilty, starlink