SpaceX IPO Filing Reveals Starlink Hit $11.4B Revenue in 2025, 10.3M Active Users in Q1 2026

SpaceX filed for an initial public offering on the Nasdaq on May 21–22, 2026 (targeting ~$2 trillion valuation), and the prospectus provided the first comprehensive disclosure of Starlink's commercial performance: $11.39 billion in revenue in 2025 (accounting for 61% of SpaceX total revenue), with 10.3 million active subscribers as of Q1 2026 — more than double the Q1 2025 figure. The filing rebranded the direct-to-cell satellite phone service as 'Starlink Mobile' and disclosed target agreements with 25 carrier partners covering over 500 million mobile subscribers. For digital inclusion, the prospectus highlighted Sub-Saharan Africa, South Asia, and rural Latin America as the primary growth markets, representing over 700 million people beyond the reach of terrestrial broadband. The filing capped a week that began with Starship V3 Flight 12 launching 20 V3 simulator satellites on May 21, setting the production path for the next-generation constellation needed to serve these markets at scale.