Starlink: 2025 Financial Overview & 2026 Forecast: The fourth installment in Quilty Space’s ongoing series quantifying Starlink’s global economic impact. Starlink crossed 10 million subscribers and is now tracking toward $20B in 2026 revenue.

The business looks nothing like it did 18 months ago — and neither does our model.
 

This webinar walks through the latest update to Quilty Space’s bottom-up Starlink financial analysis, covering every major revenue segment, cost layer, and capacity constraint shaping the trajectory from here.

What we’ll cover:

A $20B revenue forecast built segment by segment. Consumer still dominates at 56%, but the real story is the non-consumer mix — Maritime ($1.9B), Aviation ($1.6B), Enterprise ($1.7B), and Starshield ($3.2B) — now driving 44% of total revenue and growing faster than the core.
 

Starshield as a $3.2B business. Built from 500+ modeled contracts across service and constellation, Starshield is becoming core DoD infrastructure — from the pLEO IDIQ to the NRO’s proliferated LEO architecture. We break down procurement channels, integrator dynamics, and how the revenue actually flows.
 

Consumer ARPU compression meets subscriber acceleration. Blended ARPU drops from $83 to $66 as emerging markets (now ~47% of the base) scale. But 7.6M net adds still push consumer revenue to $11.3B. We'll walk through the regional dynamics.
 

Aviation's peak installation year. Ten new airline deals since our last report, a 3,000+ aircraft backlog, and $1.6B in projected revenue — but certifications could slow the rollout.
 

$14B EBITDA, $8.1B FCF. We walk through the P&L, capex stack, and what ~71% EBITDA margins imply for durability — and a potential IPO.