SpaceX IPO: analysis of Starlink based on the S-1 filing

On 20 May 2026, the filing document for SpaceX’s IPO, the S-1, was made public. This report examines the results for SpaceX’s Connectivity business’s (Starlink’s) performance in this filing. 

This report:

• breaks down SpaceX’s revenue by segment (AI, Connectivity, Space)
• explores the drivers behind SpaceX’s growing Connectivity revenue
• shows the revenue split between enterprise and consumer
• illustrates the main financial metrics for the Connectivity business (revenue, EBITDA, EBIT, capex and OpFCF, plus the related margins)
• outlines some of the future threats to the Connectivity business.

For each of these areas, we provide some comparisons between the SpaceX Connectivity business and other satellite operators as well as terrestrial operators.