Starlink IPO – how to trade Starlink shares

Learn about Starlink and its potential IPO, what could influence the Starlink IPO price, and how to trade space stocks via CFDs.

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When is the Starlink IPO date?

As of 27 May 2025, there is still no confirmed Starlink IPO date. The satellite-internet unit remains inside SpaceX and has not filed an IPO, nor has it appointed underwriters.

On 20 May 2025, Elon Musk – speaking to Bloomberg editor Mishal Husain – repeated that Starlink could list 'once cash flow is predictable', but declined to set a timetable and said he is 'in no rush' to expose the business to quarterly market pressure.

When, and if, the listing does happen, Starlink could potentially trade on the Nasdaq Stock Market. Until then, Starlink is pre-IPO, which means there are no shares available on public exchanges.

What is Starlink?

Starlink is the satellite-broadband business of SpaceX, a private aerospace company headed by Elon Musk. Announced in 2015 and opened to public beta in 2020, Starlink connects users through a low-Earth-orbit (LEO) constellation that has launched approximately 8,700 satellites, with around 7,500 in orbit as of 23 May 2025 – the largest fleet ever assembled. Frequent Falcon 9 launches keep the network expanding; 2025 SpaceX lift-offs continue to add new batches of spacecraft.

Starlink’s income stream combines a one-off hardware kit with a recurring service fee, supplemented by wholesale capacity sold to airlines, shipping firms, and government customers. As of May 2025, Starlink supports over 5m customers across more than 125 authorised countries, and targets further growth in large emerging markets such as India, where regulatory approval is pending.

Learn more in our SpaceX IPO trading guide.

How does Starlink make money?

Starlink generates income in two steps: first, it sells a user terminal – sometimes at a loss – and then charges an ongoing connectivity fee. It then adds higher-margin enterprise, mobility and government services, together with bandwidth wholesale agreements with mobile operators.

Here’s more on Starlink’s revenue streams:

Taken together, the residential subscriptions deliver recurring revenue, while enterprise, mobility, wholesale and defence contracts contribute higher-margin sales. The mix lessens reliance on any single segment and could potentially stabilise cash generation before any future public listing.

What could influence Starlink's valuation?

Starlink’s eventual IPO share price could depend on a combination of company-specific metrics and wider market forces. Here are some potential influences that could push – or pull – Starlink’s valuation once the shares list:

Financial performance and cash generation

Continued top-line expansion, improved margins, and evidence of positive free cash flow would make the business easier to value on traditional multiples. Any stall in revenue growth, ballooning launch costs, or fresh losses, however, could temper appetite at IPO.

Subscriber growth and average revenue per user (ARPU)

Starlink has over 5m global subscribers. Sustaining growth while keeping customer losses (or 'churn') low, and expanding the share of higher-ARPU enterprise and mobility users, could support bullish models. In contrast, slower net additions, rising churn, or deeper pricing discounts could pressure forecasts and compress the valuation.

Regulatory approvals and spectrum access

Licences remain a swing factor. As of May 2025, India remains pending final approval after a letter of intent. A green light there, or progress in other populous regions, could materially enlarge Starlink’s addressable base; delays, or additional spectrum fees might have the opposite effect.

Competitive landscape in LEO broadband

Amazon’s Project Kuiper began full-scale deployment with 27 satellites launched as of 28 April 2025, while China’s Guowang and Qianfan constellations are accelerating despite early setbacks. Successful rollouts could pressure Starlink’s stock price at IPO. Conversely, technical hiccups, or slower launches at competitors may lift Starlink’s valuation.

Launch economics and capital expenditure

SpaceX’s internal cost per Falcon 9 flight is thought to be $15-$30m, as of May 2025. However, in 2022, Musk set a long-term target of sub-$10m per Starship launch. Achieving those figures – and extending satellite lifetimes – may lower capex needs and lift cash flow, supporting a higher valuation. On the other hand. launch failures, regulatory hold-ups, or slower-than-expected cost reductions could add risk.

Government and defence contracts

High-margin bandwidth deals with US and allied agencies – including major government and defence contracts – can provide multi-year revenue visibility. However, expansion of such contracts could give investors comfort; conversely, political scrutiny, or funding cuts might weigh on forecasts.

How to trade Starlink shares

If Starlink completes its IPO on the Nasdaq Stock Market, traders will be able to speculate on its share-price movements via contracts for difference (CFDs).

Here’s how to trade Starlink shares when, and if, they become available:

• 1. Choose a brokerage platformSelect a regulated broker offering Starlink shares or CFDs.
• 2. Set up a trading accountRegister and verify your identity.
• 3. Make a depositAdd funds to your account using your preferred method.
• 4. Monitor stock performanceStay updated on financial reports, launch schedules, and industry news.
• 5. Place a tradeBuy or sell shares, and use market or limit orders. Consider stop-loss orders for risk management.

Learn more about trading shares in tech stocks and more with our shares trading guide.

Which space shares can I trade right now?

Looking to gain exposure to the space sector ahead of Starlink’s potential listing? Here’s a concise guide to five actively traded names you can access via shares CFDs today.

Boeing

Boeing – builds the core stage of NASA’s Space Launch System. The group’s Q1 2025 results showed a substantial $545bn order backlog, and the shares may react to major commercial, defence, and space contract news – trade Boeing CFDs

Lockheed Martin

Lockheed Martin – together with Boeing – co-owns United Launch Alliance, which began full-scale deployment of Amazon’s Kuiper constellation, with an Atlas V launch in April 2025. Its price drivers could include US defence budgets, ULA launch cadence, and quarterly cash generation – trade Lockheed Martin CFDs

Virgin Galactic

Virgin Galactic, the space-tourism pioneer, is building Delta-class spacecraft and plans to reopen ticket sales in Q1 2026, as confirmed in its Q1 2025 earnings. Test-flight results, reservation numbers, and regulatory announcements can potentially move the share price – trade Virgin Galactic CFDs

Rocket Lab USA

Rocket Lab first announced Electron – a two-stage, partially reusable orbital launch vehicle – in 2014. As of May 2025, Electron has launched over 60 missions, while the company is targeting a first Neutron test flight in the second half of 2025. Launch cadence, contract wins, and progress on Neutron could influence its share price. – trade Rocket Lab CFDs

Thales Group

Thales Group owns Thales Alenia Space, a subsidiary which manufactures satellites for telecoms, Earth-observation, and science missions. Its 2024 results disclosed a record €25.289bn order intake, giving strong forward visibility. Thales shares might react to fundamental events such as announcements of new ESA or commercial contracts – trade Thales CFDs

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