Estimating SpaceX’s 2025 Revenue
Payload is back with our 2025 SpaceX revenue model build.
Insights
Globalstar’s Revenue and Net Income
Globalstar’s future is inextricably tied to Apple—not a bad position to be in.
ICEYE’s $175M Raise, $2.8B Valuation
ICEYE is, without a doubt, Europe’s largest and most successful space startup.
Iridium’s Subscriber Count Continues to Grow
Iridium continues to grow its subscriber base (albeit slowly) amid Starlink’s onslaught in the satcom market.
Rocket Lab’s Intense Focus on Gross Margins
The company has improved its GAAP gross margins from -3% in 2021 to 35% today as it scales and grows through space systems acquisitions.
Eutelsat is Turning into a OneWeb Business
The LEO connectivity division, now generating less than 20% of Eutelsat’s revenues, has a lot of room to grow and is on pace to be the company’s largest revenue generator in the next 3 years.
Falcon 9 Cost and Margins
In 2017, SpaceX built 13 new boosters for its 18 total Falcon 9 launches—a 72% new booster rate. So far this year, the company has built seven new boosters for 124 Falcon launches—a 6% new booster rate.
Charts Defining the Space Industry in Q3 2025
The top 10 deals this quarter raised a combined $1.4B in funding, higher than Q2 at $1.2B, and Q1 $859M.
Six Golden Dome Architecture Options Proposed by AEI
American Enterprise Institute recently published a report gaming out six different Golden Dome architectures and cost estimates that the Trump administration could choose from.
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LATEST REPORT
Rocket Lab Report
Rocket Lab’s thesis centers on becoming a fully integrated space infrastructure company, controlling every step from satellite production and launch to space-based data services
