$11.4 Billion and Zero Churn: What SpaceX Said About Starlink’s Travel Industry Grip

The SpaceX IPO prospectus released last week offers the clearest picture yet of how Starlink has embedded itself into the travel industry’s connectivity infrastructure — and how dramatically Starlink has transformed on-board wifi for both airlines and cruise lines.

Starlink generated $11.4 billion in revenue in 2025 and accounted for the vast majority of SpaceX’s profits. It has already signed on the biggest airlines and cruise lines to provide satellite internet service, including United, Southwest, British Airways, Lufthansa, Carnival, and Royal Caribbean.

Operating cash flow for SpaceX grew from $5.8 billion in 2024 to $6.8 billion in 2025, with the filing specifically noting that higher deferred revenue from upfront payments from aviation customers contributed to the increase, a signal that airlines are committing capital well in advance of service delivery.

“We are actively driving growth in these sectors by onboarding new major airlines, crui