Space (launch)Narrow moat

SpaceX (SPCX) — moat facet

The famous rocket business sells to outside customers about as much as it did in 2023 — Starlink fills the manifest, and Starship's cost pushed it into losses.

The Space segment is the rocket company the world knows, and on its own books it barely breaks even. It sold $4,086 million of launches and development work in 2025, up 7.6%, and lost $657 million at the operating line, after a $21 million profit in 2024 and a $1 million loss in 2023.12 In the first half of 2026 it lost $1,204 million.3

Falcon launches: Starlink against everyone else63Starlink 2389Starlink 24122Starlink 2533Other 2345Other 2443Other 25SpaceX prospectus MD&A (Falcon launches 96, 134, 165; Starlink launches 63, 89, 122)
The rise in launches is almost all Starlink's; flights for everyone else fell from 45 to 43 in 2025.

Those figures understate what the segment does, because most of its flying earns it nothing. Of 165 Falcon launches in 2025, 122 carried Starlink satellites, and SpaceX books no revenue between segments for its own deployments.45 The segment's revenue is what outside customers pay, in two lines: launch services, and launch and development, which covers contracts such as NASA's cargo resupply missions to the space station.67 Contracts are fixed-price, recognised either when a launch happens or over time as development work is done.8

The history is the company's. SpaceX was founded in 2002.9 The first Falcon 9 flew in 2010, and NASA put its cost at about $2,700 a kilogram against a historical average of $18,500; Dragon became the first commercial spacecraft to carry cargo to the space station in 2012, and eight years later the first privately built vehicle to fly astronauts there.10 Falcon Heavy followed in 2018. By March 2026 Falcon 9 had flown about 620 times with a mission success rate above 99%.11 Since 2023, SpaceX says, it has launched more than 80% of the world's mass to orbit each year.12

Growth in revenue has been slow because outside demand has been flat. Falcon launches went from 96 in 2023 to 134 in 2024 and 165 in 2025, but Starlink took 63, 89 and 122 of them, leaving 33, 45 and 43 for everyone else.1314 In 2024 launch services revenue rose $620 million while launch and development fell $381 million; in 2025 launch services were flat, with customer launches and the average price per launch roughly unchanged, and launch and development rose $298 million on an extended NASA resupply contract and a Department of War contract.15 Revenue compounded at 7.2% a year from 2023 to 2025.16

The costs of flying fell; the costs of the next rocket rose. Reuse cut the segment's cost of revenue from $1,669 million in 2023 to $1,352 million in 2025, helped in 2025 by $240 million of lower depreciation as boosters flew more often.1718 Research and development went the other way, from $1,538 million to $3,004 million, up $1,169 million in 2025 alone as Starship production, launches and engineering accelerated.1920 That is why a business with falling launch costs moved from a small profit to a loss.

The two latest quarters show how lumpy outside demand is. In the March 2026 quarter revenue fell 28.4% because customer missions dropped, although total Falcon launches rose from 36 to 40.21 In June it rose 29% to $962 million on more large customer launches, with launch services at $648 million against $490 million a year earlier.22 Across the half, revenue was $1,581 million against $1,611 million.23 A rough price signal comes from dividing launch-services revenue by customer launches: about $54 million a launch in the June 2025 quarter, $47 million in March 2026 and $65 million in June 2026. Because the mix of missions changes, that swing says more about which customers flew than about what SpaceX charges.2425 Segment adjusted EBITDA, which adds back depreciation and stock pay, was $997 million in 2023, $1,154 million in 2024 and $653 million in 2025, and a loss of $556 million in the first half of 2026.2627

The outlook turns on Starship, which SpaceX designs to cut the cost of reaching orbit by 99% or more against the historical average and expects to start carrying payloads to orbit in the second half of 2026.2829 The argument about whether that happens on time is under The Reusability Cost Advantage; the customers, and their growing wish for a second supplier, are on Customer Lock-In and A Second Source, by Design.

As a stand-alone business this is a narrow one: dominant in its market, but selling to a customer base that has not grown in three years. What would change the verdict is the number of outside launches, 43 in 2025 against 45 in 2024. If Starship's lower costs bring that number up rather than only Starlink's, the segment becomes a growth business again.

Moat trajectory: Holding steady

Outside launches have been flat for two years and the segment fell into loss on Starship R&D; the launch monopoly itself is unchanged.

The number that tests this moat
Reported
Space segment income from operations, first half
-$1,204M in H1 2026, against -$439M in H1 2025

Starship spending is what turned a break-even launch business into a loss. The loss should shrink once Starship carries payloads; if it keeps widening, the programme is costing more than planned.

Source: SpaceX Q2 2026 results release ↗
References
  1. ReportedIt sold $4,086 million of launches and development work in 2025, up 7.6%, and lost $657 million at the operating line, after a $21 million profit in 2024 and a $1 million loss in 2023.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  2. ReportedIt sold $4,086 million of launches and development work in 2025, up 7.6%, and lost $657 million at the operating line, after a $21 million profit in 2024 and a $1 million loss in 2023.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  3. ReportedIn the first half of 2026 it lost $1,204 million.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  4. ReportedOf 165 Falcon launches in 2025, 122 carried Starlink satellites, and SpaceX books no revenue between segments for its own deployments.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  5. ReportedOf 165 Falcon launches in 2025, 122 carried Starlink satellites, and SpaceX books no revenue between segments for its own deployments.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  6. ReportedThe segment's revenue is what outside customers pay, in two lines: launch services, and launch and development, which covers contracts such as NASA's cargo resupply missions to the space station.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  7. ReportedThe segment's revenue is what outside customers pay, in two lines: launch services, and launch and development, which covers contracts such as NASA's cargo resupply missions to the space station.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  8. ReportedContracts are fixed-price, recognised either when a launch happens or over time as development work is done.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  9. ReportedSpaceX was founded in 2002.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  10. ReportedThe first Falcon 9 flew in 2010, and NASA put its cost at about $2,700 a kilogram against a historical average of $18,500; Dragon became the first commercial spacecraft to carry cargo to the space station in 2012, and eight years later the first privately built vehicle to fly astronauts there.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  11. ReportedBy March 2026 Falcon 9 had flown about 620 times with a mission success rate above 99%.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  12. ReportedSince 2023, SpaceX says, it has launched more than 80% of the world's mass to orbit each year.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  13. ReportedFalcon launches went from 96 in 2023 to 134 in 2024 and 165 in 2025, but Starlink took 63, 89 and 122 of them, leaving 33, 45 and 43 for everyone else.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  14. Moat Explorer calcFalcon launches went from 96 in 2023 to 134 in 2024 and 165 in 2025, but Starlink took 63, 89 and 122 of them, leaving 33, 45 and 43 for everyone else.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  15. ReportedIn 2024 launch services revenue rose $620 million while launch and development fell $381 million; in 2025 launch services were flat, with customer launches and the average price per launch roughly unchanged, and launch and development rose $298 million on an extended NASA resupply contract and a Department of War contract.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  16. Moat Explorer calcRevenue compounded at 7.2% a year from 2023 to 2025.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  17. ReportedReuse cut the segment's cost of revenue from $1,669 million in 2023 to $1,352 million in 2025, helped in 2025 by $240 million of lower depreciation as boosters flew more often.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  18. ReportedReuse cut the segment's cost of revenue from $1,669 million in 2023 to $1,352 million in 2025, helped in 2025 by $240 million of lower depreciation as boosters flew more often.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  19. ReportedResearch and development went the other way, from $1,538 million to $3,004 million, up $1,169 million in 2025 alone as Starship production, launches and engineering accelerated.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  20. ReportedResearch and development went the other way, from $1,538 million to $3,004 million, up $1,169 million in 2025 alone as Starship production, launches and engineering accelerated.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  21. ReportedIn the March 2026 quarter revenue fell 28.4% because customer missions dropped, although total Falcon launches rose from 36 to 40.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  22. ReportedIn June it rose 29% to $962 million on more large customer launches, with launch services at $648 million against $490 million a year earlier.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  23. ReportedAcross the half, revenue was $1,581 million against $1,611 million.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  24. ReportedBecause the mix of missions changes, that swing says more about which customers flew than about what SpaceX charges.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  25. Moat Explorer calcBecause the mix of missions changes, that swing says more about which customers flew than about what SpaceX charges.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  26. ReportedSegment adjusted EBITDA, which adds back depreciation and stock pay, was $997 million in 2023, $1,154 million in 2024 and $653 million in 2025, and a loss of $556 million in the first half of 2026.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  27. ReportedSegment adjusted EBITDA, which adds back depreciation and stock pay, was $997 million in 2023, $1,154 million in 2024 and $653 million in 2025, and a loss of $556 million in the first half of 2026.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  28. ReportedThe outlook turns on Starship, which SpaceX designs to cut the cost of reaching orbit by 99% or more against the historical average and expects to start carrying payloads to orbit in the second half of 2026.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  29. ReportedThe outlook turns on Starship, which SpaceX designs to cut the cost of reaching orbit by 99% or more against the historical average and expects to start carrying payloads to orbit in the second half of 2026.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
Sources
Generated September 23, 2026