SpaceX plans to launch Starship Flight 14 on Sept. 28 with 26 Starlink V3 satellites for a six-orbit trip around Earth. CFO Bret Johnsen calls it revenue-generating, but filings say Starlink launches bring no Space-segment revenue, leaving its basis unclear.
SpaceX’s IPO prospectus says it does not book inter-segment revenue when the company launches its own Starlink satellites. Those costs are capitalized in its Connectivity business and depreciated over time; Space-segment revenue, the prospectus says, reflects customer launches and customer activities.
Possible explanations offered in the article are that Johnsen misspoke, subscriber revenue may come later when the satellites enter service, SpaceX could begin recording inter-segment revenue, or a non-SpaceX customer may have paid for other cargo. The article says it cannot determine which, if any, applies.
