In an intriguing development within the burgeoning Indian internet market, SpaceX’s satellite-based internet service, Starlink, is fervently exploring avenues for entry and expansion. Recent financial documents reveal that Starlink, spearheaded by the visionary Elon Musk, reported an impressive revenue of $1.4 billion in the preceding year.
This substantial figure signifies a remarkable surge from the $222 million recorded in the year 2021. Nevertheless, it remains $11 billion shy of the company’s initial grand projections. This financial insight was gleaned from documents scrutinized by The Wall Street Journal.
The report elucidates, “While revenue at Elon Musk’s satellite-internet venture has shown substantial growth, it has fallen short of the ambitious forecasts laid out.”
SpaceX’s satellite-internet division has notably outpaced its competitors, exhibiting remarkable revenue surges and even playing a pivotal role in international contexts like Ukraine. However, it is evident that “the business has considerable ground to cover before aligning with Chief Executive Elon Musk’s lofty aspirations.”
SpaceX’s initial prognostications estimated Starlink’s revenue at $12 billion with an operating profit of $7 billion for the year 2022. Simultaneously, the company set a target of amassing 20 million subscribers by the conclusion of the same year. Regrettably, these lofty goals remained unfulfilled, with only slightly over 1 million active subscribers achieved by the end of 2022.
As of May 2023, Starlink boasts approximately 1.5 million users. SpaceX’s commanding presence extends to capturing 60 percent of the global launch business. Elon Musk has openly expressed his fervent desire to introduce Starlink, renowned for utilizing low-orbit satellites to provide high-speed broadband internet access, to the Indian subcontinent.
During a meeting with Prime Minister Narendra Modi held in the United States in June, Musk articulated his aspiration to swiftly introduce Starlink internet services to India. He remarked, “I am incredibly excited about the future of India. I believe India holds more promise than any other large nation in the world.” Musk highlighted that Starlink could be particularly invaluable in remote villages that currently lack internet access or high-speed connectivity.
According to reports, representatives from Starlink are primed to engage with their Indian counterparts in the upcoming weeks to explore potential avenues for entry into the Indian market.
