In 2024 Gwynne Shotwell said Starlink had a $600 million positive free cash flow based on $8.2 billion in revenue. Last year revenue estimates from both SpaceX and from outside people adding up new military contracts came out to about $11.8 billion. Their fixed costs haven't gone up much, so the big unknown is development costs for military contracts. I think $2 billion is a reasonable, conservative estimate.
In 2024 Gwynne Shotwell said Starlink had a $600 million positive free cash flow based on $8.2 billion in revenue. Last year revenue estimates from both SpaceX and from outside people adding up new military contracts came out to about $11.8 billion. Their fixed costs haven't gone up much, so the big unknown is development costs for military contracts. I think $2 billion is a reasonable, conservative estimate.