A report from analysts at Quilty Space says that SpaceX’s Starlink broadband by satellite system has crossed 10 million subscribers and is now tracking toward $20 billion (€17.2bn) in 2026 revenue. “The business looks nothing like it did 18 months ago,” noted the report.

Quilty forecasts that Starlink will achieve 16.8 million subscribers (up 33 per cent) this year and earn $11.3 billion in revenues from its consumer customers and with some 85 per cent of that revenue recurring.

SpaceX’s various business-focussed divisions are also examined by Quilty. The forecasters say that its ‘Enterprise’ subsidiary should continue growing, from $548 million in 2024, to $1.38 billion last year and an expected $1.68 billion this year.

SpaceX’s Maritime vertical is doing very well, with revenues for this year expected to grow 55 per cent to $1.94 billion. Its Aviation division is also expected to grow dramatically, by some 68 per cent, suggested Quilty.

SpaceX’s embryonic Mobile division is anticipated to achieve 25 million monthly users of its D2C service by the end of this year.

As a summary. Quilty forecasts $20 billion in revenues overall for Starlink ($14 billion in EBITDA) and $8.1 billion in pro forma free cashflow.

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Tags: quilty, spacex, starlink