Starlink EBITDA margins
The Starlink business operates at approximately 40% EBITDA margins, making it a high-margin recurring revenue business.
Snapshot · My First Million
The most simplified breakdown of the SpaceX IPO on the internet
Explore episode
Jun 12, 2026
Where this was said
Starlink
At 9:22 · chapter starts 9:07
Shaan breaks down SpaceX's launch business with a single unforgettable number: 80–85% of everything that goes into space goes through SpaceX [1] — Shaan Puri "SpaceX is three businesses stapled together: a launch monopoly, a satellite internet service (Starlink), and an AI play. You're not buying …" 01:35 . The gap between them and second place is so vast it barely registers as competition. But the more surprising revelation is Starlink [2] — Shaan Puri "Starlink launched 4 years ago. Today it has 10 million paying subscribers, $11 billion in annual revenue, and 40% EBITDA margins. No compet…" 08:55 — a satellite internet service that's only four years old, already has 10 million paying subscribers, generates $11 billion annually, operates at 40% EBITDA margins, and serves the parts of the world that traditional infrastructure can't reach. Shaan tells the story of Elon effectively firing the entire original Starlink team in Seattle and rebuilding it from scratch — an Entourage paintball-gun-style purge — before it became one of the most impressive subscription businesses on the planet. The combination of a monopoly launch business that subsidizes itself and a recurring-revenue internet service is what makes SpaceX structurally formidable even before you get to the ambitious bets.
Starlink subscribers
Starlink has grown to 10 million paying subscribers in roughly 4 years, generating about $11 billion in annual revenue.
Direct to Cell: Starlink's Stealth Telecom Play
Starlink's next move skips the dish entirely: satellite signal goes directly to your existing cell phone. Partner with every carrier, charge $3–10/month as a universal coverage add-on, and suddenly you're disrupting a $2 trillion telecom market.
Cost reduction to orbit
SpaceX brought the cost of launching a kilogram to space down by 50 to 100 times compared to pre-SpaceX pricing.
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