Everyone's Missing These 2 Game-Changing Numbers Buried in SpaceX's Latest Report

Key Points SpaceX announced it had gained 1.7 million net new Starlink subscribers in Q2. Its average monthly revenue per subscriber was unchanged from Q1. This unexpected combination could bode well for SpaceX's future profitability. 10 stocks we like better than Space Exploration Technologies › When recently IPO'd Space Exploration Technologies (NASDAQ: SPCX) , or SpaceX, released its first quarterly earnings report, there wasn't much in it that was unexpected. Revenue grew. Net loss shrank. Capital expenditures in the AI business skyrocketed. Ho hum. But buried in the report were a pair of numbers that made me do a double-take. I had to check to make sure I read them correctly. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » These two numbers could actually be a game changer for SpaceX's profitability . Here's what they are and why they're important. Image source: Getty Images. Buried on page 5 SpaceX highlighted its biggest, boldest numbers on page 1 of its report, boasting about its $14.1 billion in contracted Cloud Services Agreements sales, and its $6 billion in multi-year government Starshield contracts. But on page 5 -- literally halfway through the 10-page report -- these two numbers caught my eye: 12.0 and $66. 12.0 is the number of subscribers, in millions, for SpaceX's Starlink satellite broadband and wireless network, which offers communications access to people around the globe who aren't served by traditional cellular towers or internet cable networks. That's actually a sizable 16.5% jump from the 10.3 million Starlink subscribers that SpaceX reported in the first quarter, and it's double the 6 million Starlink subscribers that SpaceX reported in the second quarter of 2025. The other number -- $66 -- is where it really gets interesting. Image source: The Motley Fool. Holding steady $66 is the monthly average revenue per user (ARPU) of those 12 million Starlink subscribers. That's unchanged from Q1 ... which is a big surprise. In Q2 2025, Starlink's monthly ARPU was $85 for its 6 million subscribers. When that shrank to $66 for 10.3 million subscribers in Q1, most analysts assumed that Starlink's ARPU would continue steadily shrinking as it expanded into less profitable markets, likely at a similar rate. Instead, Starlink was able to add 1.7 million net new subscribers without margin shrinkage. That's huge. Starlink is currently SpaceX's only profitable segment , and it's essentially offsetting all the losses from the rocket launch segment and some of the losses from the AI segment. However, if Starlink can continue to grow its subscriber base while mostly maintaining its current ARPU, the company could become profitable much earlier than most analysts -- including me -- anticipated. That said, one quarter doesn't make a trend. It's always a good idea to wait for multiple quarterly reports before buying shares of a recent IPO. It's possible this quarter is just a blip, and Starlink's ARPU will continue to shrink in the third quarter. Or SpaceX's AI losses might accelerate faster than anticipated. With just one official quarterly report to go on, there's no way to tell . But if this trend continues in Q3, I might have to rethink my conclusion that SpaceX is wildly overvalued . Should you buy stock in Space Exploration Technologies right now? Before you buy stock in Space Exploration Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $446,157 !* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,377,357 !* Now, it’s worth noting Stock Advisor’s total average return is 983 % — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of September 4, 2026. John Bromels has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

SpaceX announced it had gained 1.7 million net new Starlink subscribers in Q2.

Its average monthly revenue per subscriber was unchanged from Q1.

This unexpected combination could bode well for SpaceX's future profitability.

When recently IPO'd Space Exploration Technologies (NASDAQ: SPCX) , or SpaceX, released its first quarterly earnings report, there wasn't much in it that was unexpected.

Revenue grew. Net loss shrank. Capital expenditures in the AI business skyrocketed. Ho hum. But buried in the report were a pair of numbers that made me do a double-take. I had to check to make sure I read them correctly.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

These two numbers could actually be a game changer for SpaceX's profitability . Here's what they are and why they're important.