April 16 (Reuters) – Starlink, the satellite internet unit of Elon Musk’s SpaceX, is seeing a surge in global user growth and app downloads, market research firm Apptopia said in a report, highlighting its role in supporting the parent’s expected listing this summer.
Global downloads of the Starlink app and monthly active users (MAU) more than doubled in the first quarter from a year earlier. The service has now delivered four consecutive quarters of MAU growth above 100%, the report said on Thursday.
SpaceX is expected to go public later this year and investor expectations for the listing hinge heavily on Starlink, seen as the primary driver of the company’s targeted valuation of around $1.75 trillion. The business generated an estimated $11.4 billion in revenue last year, the report said.
The expansion is being driven by both emerging and mature markets. Brazil recorded one of the fastest growth rates, with MAUs jumping roughly over fivefold from the year earlier. It accounts for about 13% of the global user base, up sharply from less than 5% a year ago.
Argentina posted user growth of 159%. Together, the two markets represent more than a fifth of global active users.
The U.S., Starlink’s largest and highest-margin market, also showed strong momentum. App downloads in the country more than tripled year-over-year to a record 1.2 million in the January-March quarter, indicating an acceleration in subscriber acquisition.
The combined strength in both emerging and developed markets suggests Starlink remains in a high-growth phase, after its subscriber base breached the 10-million mark in February.
Continued subscriber growth will be key, according to analysts, with public market investors looking at future expansion opportunities, including SpaceX’s plans to develop orbital data centers as the next phase of growth for its business.
(Reporting by Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)