SpaceX is reportedly preparing for a monster IPO — and a booming Starlink is a big reason why.
Global web traffic from SpaceX’s satellite-based internet service more than doubled in 2025, according to data from Cloudflare, a cybersecurity company that handles tens of millions of requests between users and websites every second.
It’s the latest year of explosive traffic growth for Starlink, which uses a constellation of more than 9,000 low-orbit satellites to provide internet connection, including to remote areas.
SpaceX said in November that the service has 8 million active customers, up from 4 million in September 2024, and is now online in over 150 markets.
Around 23 airlines have also announced plans to use Starlink to offer high-speed WiFi on their planes, and SpaceX has signalled it could soon launch its own mobile carrier service powered by the satellite network.
Starlink’s growth comes as reports suggest a colossal SpaceX public listing is on the cards. Elon Musk seemed to confirm on Wednesday that the rocket maker is considering an IPO as early as next year, which multiple outlets have reported could see SpaceX valued at around $1.5 trillion.
That would catapult SpaceX into the list of the world’s most valuable companies, and potentially put Musk within touching distance of becoming the first-ever trillionaire.
Since its founding by Musk in 2002, SpaceX has successfully commercialized reusable rockets, a feat previously thought impossible by many within the space industry, and now launches more cargo into orbit than any other company.
In the long term, SpaceX aims to fulfill its billionaire founder’s ambitious visions of colonizing Mars and putting data centers in space with its giant Starship rocket.
For now, however, the Texas-based company’s huge valuation is driven by the success of Starlink, with Musk saying this month that the satellite network was “by far” the largest driver of SpaceX’s revenue.
Cloudflare’s annual report found that in the more than 20 countries and regions where Starlink launched in 2025, internet traffic from its satellite service surged immediately after the service became available. Cloudflare said that internet traffic grew 295% in Botswana this year, with Starlink launching in the African country in August 2024.
There’s no sign of Starlink slowing down, with SpaceX preparing to launch the service in India next year.
There’s also little sign of major competition. Rival services, including Amazon’s Leo and China’s Spacesail, are attempting to build their own constellations, but they have launched fewer satellites than Starlink.
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