Typo: I'm sure you meant >1T.
>ARPU: $99/month in 2023, $81 in 2025, $66 in Q1 2026
Oof, are they already on diminishing returns phase?
While I don't think the financials are bad, I agree, this is definitely not a 1T company (but the market can stay irrational ...).
They've been upping the subscription prices recently past few months.
Starlink is giving away the satellite dishes for free to grow customers. These dishes are expensive to manufacture and cost the company hundreds of dollars each. The estimated manufacturing cost of a Starlink standard dish is around $400.