Consolidated and segment results for the quarter ended March 31, 2026, with full-year 2023–2025 trends.
Confidential · Board Use OnlyExecutive Summary
Results reflect the strength of our vertically integrated operating model and our ability to create and scale multiple new businesses. Space and Connectivity contributed the substantial majority of consolidated revenue, demonstrating the benefits of their scale and operating leverage.
Revenue
Total revenue has compounded from $10.4B in 2023 to $18.7B in 2025. Services — led by Starlink — now represent the overwhelming majority of revenue.
USD millions, full-year
FY 2025, USD millions
Services comprise 92% of FY 2025 revenue. All products revenue is attributable to the Connectivity segment.
| Revenue stream | 2025 | 2024 | 2023 |
|---|---|---|---|
| Launch Services | 2,576 | 2,584 | 1,964 |
| Launch & Development | 1,510 | 1,212 | 1,593 |
| Space | 4,086 | 3,796 | 3,557 |
| Consumer | 7,208 | 4,830 | 2,817 |
| Enterprise & Government 2 | 4,179 | 2,769 | 1,052 |
| Connectivity | 11,387 | 7,599 | 3,869 |
| Advertising | 1,844 | 1,728 | 2,323 |
| AI Solutions & Infrastructure | 1,357 | 892 | 638 |
| AI | 3,201 | 2,620 | 2,961 |
| Total revenues | 18,674 | 14,015 | 10,387 |
Segment Performance
Connectivity is the profit engine; Space funds the next-generation Starship platform; AI is in its earliest, investment-heavy stage. Figures below are for the three months ended March 31, 2026 unless noted.
Funded $930M of Starship R&D in Q1 2026 ($3,004M in FY 2025) — the key enabler of long-term growth through reusability, payload capacity and launch cadence.
FY 2025 YoY growth: revenue +49.8%, operating income +120.4%, Adj. EBITDA +86.2% — on subscriber growth, enterprise adoption and network efficiency.
Earliest stage of development. We plan to prioritize growth and investment to capture significant opportunities in AI applications and compute infrastructure.
USD millions, full-year 2023–2025
Liquidity & Investment
Operating cash flow continues to grow, while investing activity — led by AI compute infrastructure — has stepped up materially, funded in part by financing inflows.
| Activity | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Operating | 1,047 | 727 | 6,785 | 5,776 |
| Investing | (16,724) | (4,170) | (19,575) | (10,796) |
| Financing | 7,125 | 354 | 26,350 | 11,830 |
FY 2025, USD millions · total $20,737
AI represents 61% of FY 2025 capex ($7,723M in Q1 2026 alone), reflecting the build-out of compute infrastructure.
| Segment | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|---|
| Space | 1,052 | 759 | 3,832 | 2,032 | 1,497 |
| Connectivity | 1,332 | 814 | 4,178 | 3,498 | 2,455 |
| AI | 7,723 | 2,567 | 12,727 | 5,633 | 463 |
| Total capital expenditures | 10,107 | 4,140 | 20,737 | 11,163 | 4,415 |
Per-Share Data
Unaudited pro forma basic and diluted net loss per share attributable to common shareholders, giving effect to the Preferred Conversion, Class C Reclassification and the effectiveness of our charter.
| Three months ended Mar 31, 2026 | Year ended Dec 31, 2025 | |
|---|---|---|
| Numerator | ||
| Net loss attributable to common shareholders | (4,947) | (4,937) |
| Adj. to reverse deemed dividend on preferred | 565 | — |
| Pro forma net loss attributable to common | (4,382) | (4,937) |
| Denominator | ||
| Weighted-avg shares, basic & diluted | 3,884 | 2,926 |
| Adj. to reflect Preferred Conversion | 6,723 | 6,723 |
| Pro forma weighted-avg shares | 10,607 | 9,649 |
| Pro forma net loss per share 3 | $(0.41) | $(0.51) |
Why This Matters Now
We are developing constellations — with potentially millions of satellites — for orbital data centers. We believe these AI compute satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand, at far greater scale and efficiency than terrestrial alternatives.
Starlink would provide low-latency, global connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. We expect to begin deploying our orbital AI compute satellites as early as 2028.
1 Adjusted EBITDA and Segment Adjusted EBITDA are non-GAAP measures. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” for additional information, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.
2 Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
3 Pro forma per-share amounts give effect to (i) the Preferred Conversion as if it had occurred as of January 1, 2025, (ii) the Class C Reclassification as if it had occurred as of January 1, 2025, and (iii) the effectiveness of our charter, which will become effective upon completion of this offering.
This summary is prepared from disclosed financial data for board discussion purposes. Figures in USD millions unless otherwise noted; certain quarterly figures are unaudited.