Profit almost doubles at Elon Musk’s Starlink as sales surge
Turnover at Starlink, Elon Musk’s satellite internet constellation, spiked in the UK as its profit almost doubled in 2024, it has been revealed.
New accounts filed with Companies House show that Starlink’s turnover increased from £2.5m to £4.2m during its latest financial year.
Starlink’s pre-tax profit also rose from £121,166 to £203,456.
A statement signed off by the board said: “The company’s strategic focus is on expanding its role as a gateway services provider.
“We will continue to pursue opportunities to innovate improve operational efficiencies and enhance our technologies to better support and grow our customer base in the UK.
“These efforts will ensure we remain competitive and responsive to the evolving needs of our clients.”
Elon Musk’s Starlink faces Amazon competition
The results come after it emerged in May that Elon Musk’s Starlink is on track to play a larger role in the UK’s broadband infrastructure.
Last month, telecoms regulator Ofcom proposed new temporary spectrum licences which would expand Starlink’s capacity across the UK.
Under the plans, which are out to consultation until 27 June, Starlink would gain access to additional E band frequencies at three of its current ground stations in Hampshire, Suffolk and Cambridgeshire.
The proposed licences would run until the end of 2028.
Starlink is a division of Elon Musk’s aerospace company SpaceX.
In April, Amazon launched 27 satellites for its long-planned broadband network designed to rival Elon Musk’s Starlink, Project Kuiper.
The launch marked the beginning of Amazon’s deployment of over 3,200 satellites into low-Earth orbit, with the goal of providing global high-speed internet coverage.
Tech titan Amazon has committed over $10bn (£7.4bn) to the project, with ambitions to begin customer pilots in 2026, and expand coverage in the years that follow.
The giant said the service will focus on bridging connectivity gaps in rural and underserved communities.