Starlink’s Financial Check-In: 1H 2025 Update, the third installment in Quilty Space’s exclusive deep-dive series. In this session, we’ll unpack SpaceX’s mid-2025 performance and share our extended forecast through 2026. From subscriber growth to spectrum plays, we’ll examine the key drivers shaping Starlink’s evolving business model across consumer, mobility, government, and direct-to-cell segments.

What we’ll cover:

Subscriber surge: Consumer outlook raised to 8.2M by YE’25, with revenues climbing to $10.3B by 2026.

Margin momentum: EBITDA projected to nearly double to $11B by 2026, with free cash flow accelerating to ~$5B.

Mobility milestones: Maritime installs swelling to 130k vessels by 2026, and aviation revenues climbing nearly 10x.

Global expansion: India’s long-awaited regulatory clearance opens the door to a major new market.

Strategic outlook: What spectrum acquisitions and competitive dynamics mean for Starlink’s positioning in consumer and enterprise markets.