Matt Frankel

There are multiple parts to SpaceX's business, but the best looking one to me was Starlink.

Starlink is both profitable and it's growing like crazy.

So check this out.

This is the satellite business that allows internet connectivity around the world.

Even in remote places, that's kind of the appeal of it.

But in the first quarter, its subscriber count more than doubled.

It now has more than 10 million subscribers to Starlink.

Now, average revenue per user did drop in the first quarter and it fell pretty significantly.

That would ordinarily be kind of troubling to me.

But, you know, it's added these lower price points, it's expanded into international markets where the monetization isn't as high.

The net result has been this robust subscriber growth, and that is really important.

More than that, it's also been able to grow that revenue profitably, even at the lower monetization rates.

So subscribers more than doubled, as I said.

Revenue up 32% year over year.

That's a really good growth rate.

And then it delivered a segment operating margin.

I'm just talking Starlink.

We're backing out the other parts of the business.

The Starlink operating margin was 36%.

Now, if this was a standalone business, you would look at that.