Constellations - Explore Space Network Technologies with Industry Leaders Starlink's Dominance, Satcom for Mobility and Competing with Fiber
Sep 9, 2025
In this engaging discussion, Grace Khanuja, a management consultant at NovaSpace and expert on SpaceX, shares insights from her recent report on the satellite industry. She reveals how Starlink's revenue has surpassed launch income, highlighting key growth markets like maritime and aviation. Grace discusses innovative V3 satellites that enhance capacity and lower costs. She delves into the impact of Starship on performance and predicts a competitive future for satellite services against fiber optics, emphasizing the evolving relationship between satellite and terrestrial ISPs.
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SpaceX Reshaped The Space Economy
- SpaceX reshaped the global space economy by lowering costs and expanding access across launch and satellite services.
- Starlink's constellation and vertical integration expanded demand and changed industry economics.
Starlink Drives Strong Profitability
- NovaSpace estimates SpaceX reached about $12B revenue in 2024 with ~45% EBITDA and projects ~$15.8B in 2025 with ~50% EBITDA.
- SpaceX became cash-positive and hasn't raised private capital since 2022, signaling financial self-sufficiency.
Reusable Rockets And Vertical Integration
- Falcon 9 reusable technology cut marginal launch costs and vastly increased cadence, making orbital access routine.
- SpaceX's vertical integration (engines to terminals) accelerated Starlink deployment and reduced competitive costs.