Investing in Starlink: how to gain exposure to SpaceX's satellite network

There is no Starlink stock: to invest in Starlink, you have to buy SpaceX shares (SPCX), listed on the Nasdaq since June 12, 2026, or a fund that holds them. Starlink is a SpaceX business, which accounted for 61% of its revenue in 2025 and is its only profitable segment.

This page details how much Starlink weighs in the SpaceX share, the fake tickers to avoid, the other ways to gain exposure and the risks, then how Fundora gives access to technology companies before their IPO.

Starlink, SpaceX's satellite internet, in figures

Starlink had 12 million subscribers, more than 10,200 satellites in low orbit and a presence in 167 countries, territories or markets as of June 30, 2026. Its revenue rose from $3.9 billion in 2023 to $11.4 billion in 2025.

The network provides high-speed satellite internet access to three types of customers:

• individuals, with a receiving kit and a monthly subscription, from €35 to €65 per month in France since the May 2026 increase;
• businesses and public administrations: maritime and airborne connectivity, remote sites, government and defense contracts;
• mobile operators, with satellite telephony (direct-to-cell) in areas with no network.

The number of subscribers grew fivefold between the end of 2023 (2.3 million) and mid-2026 (12 million), but the average monthly revenue per subscriber fell from $99 to $66, because Starlink is now winning customers in countries where subscriptions are cheaper.

Sources: U.S. Securities and Exchange Commission, “Space Exploration Technologies Corp., Form S-1” (May 2026), www.sec.gov; SpaceX, “Second quarter 2026 earnings release”, Form 8-K (August 4, 2026), www.sec.gov; JeChange, “Starlink: prices, subscriptions and speeds in France” (September 2026), www.jechange.fr.

Can you buy a Starlink stock?

No. Starlink has no stock of its own: it is a SpaceX business, shown in its accounts as the “Connectivity” segment. To gain exposure, you have to buy SpaceX shares (SPCX) in an ordinary securities account, as they are not eligible for the PEA. Our page on investing in SpaceX details the terms of its IPO.

An IPO of Starlink on its own, through a spin-off, was mentioned by Elon Musk and Gwynne Shotwell between 2020 and 2022, then ruled out in 2023 and 2024. It is the whole group that was listed, on June 12, 2026, at $135 per share, for a valuation of about $1,750 billion, after absorbing xAI in February 2026. Before that date, SpaceX shares were traded only on the secondary market, between institutional investors and accredited investors.

No Starlink spin-off has been announced since. It would depend on Elon Musk, who holds more than 40% of SpaceX's capital and about 82% of the voting rights.

Sources: Satellite Today, “Reports: Gwynne Shotwell Says SpaceX Likely to Spinoff Starlink” (February 2020), www.satellitetoday.com; Advanced Television, “Musk denies IPO plan for Starlink” (November 2023), advanced-television.com; U.S. Securities and Exchange Commission, “Prospectus 424B4 of Space Exploration Technologies Corp.” (June 2026), www.sec.gov.

How much Starlink weighs in the SpaceX share

Starlink accounts for 61% of SpaceX's revenue in 2025 and 55% in the second quarter of 2026, and it is the group's only profitable segment. In 2025, it generated $4.4 billion of operating income, while space (launches, Starship) lost $0.7 billion and artificial intelligence (xAI, Grok, X) lost $6.4 billion. Our page on investing in xAI details this latter business.

In the second quarter of 2026, Starlink generated $4.3 billion of revenue, up 66% year on year, and $1.66 billion of operating income, while the group posted a net loss of $541 million.

Starlink's profits first fund AI: of the $18.4 billion invested by SpaceX in the second quarter of 2026, 86% went to artificial intelligence and 7% to Starlink.

Starlink stock, STARL, OTAI.U: the fake tickers to avoid

No price displayed under the name “Starlink” corresponds to Elon Musk's company: these are a SPAC, a crypto token or CFDs.

• Starlink AI Acquisition Corp (OTAI.U) is a SPAC, a company with no operations created to acquire a business. Listed on the New York Stock Exchange in May 2026 with $100 million, it has no target yet, and its SEC filings mention neither SpaceX nor Elon Musk.
• StarLink (STARL) is a crypto token launched in 2021 for a metaverse project, with a market capitalization of about $1.2 million and no link to SpaceX.
• “Starlink” CFDs are leveraged contracts that give no share of the capital.

Before any purchase presented as exposure to Starlink, check the issuer of the asset and consult the AMF blacklists: namesakes of famous brands are often used to set up scams.

Sources: U.S. Securities and Exchange Commission, “Starlink AI Acquisition Corp., Form 10-Q” (September 2026), www.sec.gov; CoinGecko, “StarLink (STARL)”, www.coingecko.com.

Other ways to gain exposure to Starlink

Besides the SPCX share, you can gain exposure to Starlink through ETFs or listed funds that hold SpaceX, and to the sector through Starlink's listed competitors.

• European space ETFs. A space ETF replicates a basket of listed space stocks. The WisdomTree Space Economy UCITS ETF, listed notably on Euronext Paris, added SpaceX at the end of June 2026 with a weight of 5.5%, and the ARK Space & Defence Innovation UCITS ETF held 7.97% after the IPO.
• Nasdaq-100 ETFs. SpaceX joined the index on July 7, 2026, with a small weight among about a hundred stocks. It is not part of the S&P 500.
• Listed funds that are historical shareholders. Scottish Mortgage, listed in London, still devoted 18.1% of its portfolio to SpaceX at the end of July 2026, but its managers have started to reduce the position. The US ETFs cited online are generally not available to European individuals, for lack of a key information document compliant with the PRIIPs regulation.
• Listed competitors. Eutelsat, listed in Paris and 29.65% owned by the French State, operates the OneWeb constellation (€297 million of revenue in the 2025-2026 financial year, up 69.5%). AST SpaceMobile is developing satellite telephony and Amazon is rolling out its Amazon Leo constellation. These stocks provide exposure to the sector, not to Starlink.
• Unlisted assets. The technology companies preparing the next breakthroughs are still private, as SpaceX was for more than twenty years. Secondary private equity, which buys stakes in mature companies before they are listed, is one way in.

Sources: WisdomTree, “SpaceX to join WisdomTree Space Economy ETF after landmark IPO” (June 2026), www.wisdomtree.com; ARK Invest Europe, “Three of ARK Invest UCITS ETFs Participate in the SpaceX IPO” (June 2026), europe.ark-funds.com; finews, “SpaceX, Baillie Gifford, Scottish Mortgage: concentration risk” (August 2026), www.finews.com; Eutelsat, “Annual results 2025-26” (August 2026), www.eutelsat.com; AMF, “Application of the PRIIPs regulation: what fate for packaged US products”, www.amf-france.org.

The risks to know before investing in Starlink

The main risks are the volatility of the SpaceX share, the funding of AI with Starlink's profits, the fall in revenue per subscriber, competition and the concentration of power in the hands of Elon Musk.

• Capital loss and volatility. The SPCX share has ranged between $104.83 and $225.64 since its listing, and closed at $147.96 on October 19, 2026.
• Capital allocation. Starlink's profits primarily fund AI, a business that loses several billion dollars a year.
• Price. Average revenue per subscriber has fallen by a third since 2023.
• Competition. Amazon Leo, Eutelsat OneWeb and AST SpaceMobile target the same customers.
• Governance. With about 82% of the voting rights, Elon Musk decides alone, including on a possible Starlink spin-off.
• Free float and currency. The ends of lock-up periods allow historical shareholders to sell, and the share is listed in dollars.
• Fake assets. SPACs, tokens and CFDs in Starlink's name provide no exposure to the company.

Past performance is no guarantee of future results.

Investing in tech before the IPO with Fundora

Fundora does not give access to the SpaceX share: the platform makes it possible to invest in unlisted technology companies, before their IPO, through private equity funds. It is at this stage that Starlink saw its strongest growth, when SpaceX was still a private company.

Fundora thus makes it possible to invest in unlisted assets, in diversified portfolios of technology companies, just as when you choose to invest in startups through venture capital. The platform relies on an FPCI (Fonds Professionnel de Capital Investissement, a professional private equity fund) and an SPV (Special Purpose Vehicle), which pool the subscriptions of several individual investors within a single structure investing directly in the target funds. This mechanism significantly lowers the entry threshold compared with a direct subscription, where institutional minimum tickets usually range from €200,000 to €1 million. The minimum amount varies according to the strategy open for subscription.

The strategies are selected from the global top 25% of funds, with actual management carried out by Kyoseil Asset Management under the mandate, a portfolio management company approved by the AMF under number GP-99040. Strategies already offered include, for example, Atlas Space Ventures, dedicated to space, or Redwood Venture, focused on Silicon Valley.

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