For the year ended December 31, 2025, the Connectivity segment that houses Starlink generated $11.39 billion in revenue, the single largest source of money inside SpaceX. For most of the company’s history, that figure and the rest of Starlink’s financial performance sat behind a wall of private-company secrecy. It became public only when SpaceX filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on May 20, 2026, ahead of a planned initial public offering (IPO) under the proposed Nasdaq ticker SPCX.