SpaceX’s Starlink satellite internet service quadrupled its individual subscribers between 2023 and 2025—but the average revenue each subscriber brought in fell 18% to $81 a month in that period, a draft version of SpaceX’s initial public offering prospectus shows.

SpaceX’s potential IPO could become a major market event, but its high valuation will depend on Starlink’s growth, Starship execution, and how strongly Amazon Leo challenges its satellite internet lead.

The ViaSat-3 Flight 3 will be positioned over the Asia-Pacific region and provide 1 terabit-per-second communications service.

A SpaceX executive touts the announcement as the company faces competition from Amazon Leo, which is also expanding into in-flight Wi-Fi.

More than 900 complaints that mention SpaceX or its Starlink internet service have been filed with the Federal Communications Commission over the past five years, according to files obtained through a public records request.

SpaceX could begin trading in June.

Of the roughly 7,300 active satellites in Earth orbit, about 3,600 are part of SpaceX’s growing fleet of Starlink internet satellites.

As advisors field client demand for pre-IPO exposure to Elon Musk’s rocket company, some say the company is “priced to perfection,” while others warn its $15 billion in revenue does not justify a $2 trillion valuation.

T-Mobile unveiled SuperBroadband, a business internet service that combines its 5G network with SpaceX's Starlink satellite constellation to provide two independent connectivity pathways.