SpaceX is way ahead of competitors with Starlink, but growth is harder heading into IPO

▤ Summary

This article examines Starlink as the core business investors will judge in SpaceX’s planned IPO. Starlink has grown quickly and now serves more than 10 million customers, but its revenue growth is slowing and its average revenue per user is falling. SpaceX wants to unlock another growth phase with Starship and V3 satellites, yet those systems are still being tested and carry execution risk. The piece also highlights rising competition from traditional broadband and new satellite internet rivals, especially as Starlink pushes into more urban markets.

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