SpaceX's Starlink Doubles Subscribers to 10.3M Ahead of Record IPO, but ARPU Slides 23% Year-over-Year

According to SpaceX's IPO filings, Starlink consumer broadband customers more than doubled over the past year to 10.3 million as the company prepares for a record public offering. However, average revenue per user (ARPU) fell to $66 per month in the first quarter from $86 a year earlier, dropping to $81 for all of 2025 from $91 in 2024.

While subscriber growth accelerated, operating income barely increased, rising only to $1.19 billion from $1.03 billion despite the doubled customer base. Starlink faces mounting expansion challenges, including high terminal production costs estimated at three times that of traditional internet modems, and increased competition as the service moves into urban and developed markets already served by terrestrial broadband providers. SpaceX is targeting a $1.77 trillion market cap for the IPO.