Most people think of SpaceX as a rocket company, but its 2026 S-1 revealed a different financial reality: its Starlink-driven connectivity business generated 61% of the company's 2025 revenue and was the only one of its three divisions to turn an operating profit.

Most people think of SpaceX as a rocket company, but its 2026 S-1 revealed a different financial reality: its Starlink-driven connectivity business generated 61% of the company's 2025 revenue and was the only one of its three divisions to turn an operating profit.

SpaceX’s rockets remain the machinery people see. Its 2026 securities filing shows that connectivity had become the business paying most of the bills. In 2025, SpaceX’s Starlink-driven Connectivity segment generated $11.387 billion of the company’s $18.674 billion in revenue. That is 60.98 per cent, which rounds to the 61 per cent in the headline. It was also the only one of SpaceX’s three reportable segments to record an operating profit. Those…