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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteSpaceX reported $11.387 billion in 2025 revenue for its Connectivity segment, primarily driven by Starlink, and $4.086 billion for its Space segment. Connectivity grew faster, but neither number is a clean standalone measure of Starlink revenue or launch-only revenue: the Space segment also includes development work, while SpaceX does not record its own Starlink satellite launches as sales between segments.
How much revenue did each business report?
SpaceX’s June 5, 2026 prospectus reports revenue for the year ended December 31, 2025. Its figures are segment totals, not separate standalone totals for Starlink and launch services.
| Reported segment | 2025 revenue | 2024 revenue | Year-over-year change |
|---|---|---|---|
| Connectivity, primarily driven by Starlink | $11.387 billion | $7.599 billion | +$3.788 billion; 49.8% |
| Space | $4.086 billion | $3.796 billion | +$290 million; 7.6% |
These audited segment figures are reported in SpaceX’s June 5, 2026 prospectus. Connectivity was the larger segment and grew considerably faster in 2025. The comparison is not “Starlink revenue versus launch revenue,” however: Connectivity is not a Starlink-only disclosure, and Space includes more than launches.
What drove Connectivity growth?
SpaceX attributes its 2025 Connectivity growth to consumer subscribers as well as enterprise and government customers. The prospectus reports a $2.377 billion increase in consumer subscriber revenue. Subscriber count rose 99.9%, while subscriber average revenue per user (ARPU) fell 11.2%, primarily because of international expansion and lower-priced plans. More subscribers therefore did not translate into an equivalent increase in revenue per subscriber.
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Enterprise and government connectivity together added $1.411 billion to year-over-year revenue growth. Within that amount, enterprise connectivity increased by $1.218 billion, including $632 million of growth in mobile connectivity; government connectivity increased by $193 million. These figures describe contributions to the change in revenue, not separate total-revenue figures for each customer group.
SpaceX reported $4.423 billion of Connectivity operating income in 2025, compared with $2.006 billion in 2024. Operating income is not revenue, net income, or cash flow, so it should not be substituted for the segment revenue comparison.
What is included in Space revenue?
SpaceX divides Space segment revenue into Launch Services and Launch and Development. In 2025, Launch Services represented 63.0% of Space revenue and Launch and Development represented 37.0%, according to the prospectus.
Launch Services
This category 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 a payload is launched or deployed to its intended orbit. As a result, launch timing and mission cadence affect when this revenue is recognized.
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Launch and Development
This category includes 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. It is not all revenue from completed launches.
Because both categories sit inside Space, the $4.086 billion 2025 Space total cannot be described as pure launch-services revenue. The prospectus provides their relative shares, but the segment total also reflects development and other customer work.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Starlink’s own launches do not count as launch revenue
SpaceX uses launch capacity to put its own Starlink satellites into orbit, but it does not book those missions as revenue from Space to Connectivity. The prospectus says that for Starlink satellite launches, SpaceX recognizes no inter-segment revenue and capitalizes the launch costs in the satellites. It also says Space revenue reflects customer launches and customer activities.
This accounting distinction explains why Starlink launches can be essential to the Connectivity business without appearing as launch-service sales to that business. Space segment revenue principally reflects external customer activity, while internal launches support the network and their costs are accounted for as part of the satellites.
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Why there is no exact Starlink-versus-launch revenue comparison
The prospectus does not give a standalone Starlink-only revenue total in the cited segment results. Connectivity is described as primarily driven by Starlink, but it also includes enterprise and government connectivity. Do not treat the full $11.387 billion Connectivity total as Starlink-only revenue.
Likewise, Space revenue includes both customer Launch Services and Launch and Development. The 63.0% Launch Services share identifies the portion of Space revenue assigned to that category, but it does not turn the entire Space segment into launch revenue. The categories are useful for comparing the businesses’ reported scale and growth, not as a one-to-one Starlink-versus-launch accounting split.
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