In 2025, SpaceX reported $11.387 billion in Connectivity revenue and $4.086 billion in Space revenue. Connectivity—primarily driven by Starlink—grew 49.8% year over year, while Space grew 7.6%. These are segment figures, not a direct Starlink-versus-launch comparison: SpaceX does not disclose a standalone Starlink revenue total in the cited breakdown, and its Space segment includes development and government mission work as well as customer launches.
What did SpaceX report for 2025?
SpaceX’s June 5, 2026 prospectus reports audited revenue for the years ended December 31, 2025 and 2024. Its two relevant segments were Connectivity and Space:
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| SpaceX segment | 2025 revenue | 2024 revenue | 2025 year-over-year change |
|---|---|---|---|
| Connectivity | $11.387 billion | $7.599 billion | +$3.788 billion; +49.8% |
| Space | $4.086 billion | $3.796 billion | +$290 million; +7.6% |
These amounts come from SpaceX’s June 5, 2026 prospectus. The comparison shows that Connectivity was larger and grew faster in 2025, but the segment labels matter: Connectivity is not a disclosed Starlink-only total, and Space is not launch revenue alone.
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SpaceX describes Connectivity as primarily driven by Starlink. Its 2025 growth came from consumer subscribers as well as enterprise and government connectivity, rather than subscriber counts alone.
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Consumer subscribers
Consumer subscriber revenue rose by $2.377 billion in 2025. SpaceX reported that the Starlink subscriber count grew 99.9%, while subscriber average revenue per user (ARPU) fell 11.2%. The prospectus attributes the ARPU decline primarily to international expansion and lower-priced plans. In other words, a near doubling of subscribers did not translate into an equivalent increase in revenue per subscriber.
Enterprise and government customers
Enterprise and government connectivity together added $1.411 billion to Connectivity’s year-over-year revenue growth. Enterprise connectivity contributed $1.218 billion of growth, including $632 million from mobile connectivity; government connectivity contributed $193 million. These are increases in revenue, not the total revenue of each customer category.
The prospectus reports Connectivity segment revenue of $11.387 billion, but does not provide a standalone Starlink-only figure in the cited breakdown. It would therefore be inaccurate to label the entire segment total as Starlink revenue.
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SpaceX divides Space 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 company’s prospectus. The latter includes spacecraft development and launch or mission services for government agency programs, so the $4.086 billion segment total cannot be treated as pure launch revenue.
Launch Services
Launch Services covers placing commercial and government customers’ payloads into their intended orbits, using Falcon 9 and Falcon Heavy. SpaceX recognizes this revenue at a point in time, when the customer’s payload is launched or deployed to its intended orbit. Consequently, the timing of missions can affect when this revenue appears in the accounts.
Launch and Development
Launch and Development covers spacecraft development and launch or mission services for government agency programs. The prospectus identifies Falcon 9, Falcon Heavy, Starship and Dragon in connection with this work. SpaceX recognizes this revenue over time under the applicable contract accounting, rather than only at a payload deployment event.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Starlink launches do not count as launch-segment sales
SpaceX uses its launch capacity to deploy its own Starlink satellites, but it does not record those missions as revenue from the Space segment to Connectivity. The prospectus says the company recognizes no inter-segment revenue for its Starlink launches; instead, it capitalizes the launch costs in the satellites. SpaceX also states that Space segment revenue reflects customer launches and customer activities.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallThis accounting distinction explains why launch activity can be essential to building the Starlink network without appearing as a sale between SpaceX’s own segments. Space revenue is tied to customer work, while launches of SpaceX’s own Starlink satellites support the Connectivity business.
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How to read the comparison
- For reported scale: compare the 2025 segment totals—$11.387 billion for Connectivity and $4.086 billion for Space—not an undisclosed Starlink-only figure against the whole Space segment.
- For growth: Connectivity’s 49.8% increase included consumer subscriber growth and gains from enterprise, mobile and government connectivity. Space grew 7.6% and combines customer launch work with development and mission services.
- For launch economics: the 63.0% Launch Services share is a portion of Space revenue, not a standalone dollar total in the cited figures. The remaining 37.0% was Launch and Development.
- For internal Starlink missions: do not count them as Space-segment sales; SpaceX capitalizes those launch costs in the satellites.
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