Elon Musk's Irish-based Starlink firm sees international profits soar
Satellite internet company Starlink, which is owned by controversial billionaire Elon Musk, saw its international revenues and profit nearly double last year as competition in space begins to accelerate, the company's latest financial documents show.
Starlink Internet Services Limited, which is principally involved in the sale of broadband internet and telecommunication services, is based in Ireland but provides services to various countries outside the US. It is ultimately owned by Mr Musk's SpaceX company.
Controversy around Mr Musk grew significantly over the course of 2024 and into 2025 owing to his close support of US president Donald Trump, his meddling in the US government, as well as interfering in European politics.
As a result, sales of Teslas, the company which he also serves as chief executive, have fallen dramatically in Europe over the last several months.
According to the Starlink's latest financial documents, it recorded a profit of $12m (€10.35m) for the 2024 financial year up from $6.28m in 2023.
Revenue rose significantly to $693m — up from $358m in 2023. The company said this massive increase was driven by a substantial rise in sales to both residential and enterprise customers.
The company generates a portion of its revenue from contracts with customers to provide Starlink terminals, or kits, which are used by customers to connect to the Starlink satellite network.
It also leases these kits to customers with revenues from this including a one-time activation fee for users, a monthly recurring hardware rental service charge for a Starlink kit, as well as a monthly internet subscription service charge.
'The customer base expanded significantly across both the residential and enterprise segments, including the aviation and maritime sectors, reflecting strong demand for the company's products and services in both new and existing markets,' the company said.
'The introduction of consumption-based pricing for enterprise customers contributed to increased overall revenue, further supported by hardware initiatives designed to enhance accessibility and flexibility for a broader range of customers.'
The company saw product sales rise from $144m to $217m, while service revenue increased from $214m to $476.6m.
Its cost of sales for the year stood at $651m — up from $340m.
The directors did not recommend payment of a dividend to the parent company.
At the end of the financial year, the company has assets of just under $360m, up from $184m year-on-year. It has liabilities of $336m.
Starlink's results come as Amazon seeks approval for a new ground station located in East Cork to service its new Kuiper satellite internet service to compete with Mr Musk's company.
The online retail giant has sought approval from Ireland's telecommunications regulator ComReg for a ground station that will be located at the National Space Centre in Elfordstown in Midleton.
Amazon lodged the application with ComReg in May. The regulator said its preliminary view was that the proposed ground station would not interfere with existing services and is seeking submissions from any interested parties by July 18.
Amazon said its Kuiper system would be made up of a constellation of low-earth-orbiting satellites and end-user terminals, along with earth stations to track and command the satellites and provide backhaul services.
In April, Amazon launched 27 satellites into orbit, with a second launch taking place this week.
If granted a licence, Amazon would have permission to operate the ground station on certain frequencies to avoid conflicting with other communication services and radio frequencies.
Amazon plans to ultimately operate a constellation of 3,236 satellites to sell internet connectivity to consumers as well as corporate and government clients.
Along with Starlink and Kuiper, a number of other companies are planning competition satellite internet programmes, including European consortium Eutelsat.
Last week, Eutelsat said it was raising €1.35bn from the French government and other investors in a deal that will help the company build out its fleet of satellites as an alternative to Starlink.
The French government sees Eutelsat as strategically important for Europe's sovereignty and the continent's most viable competitor to Starlink, by far the dominant player in providing internet connections via satellites.
France will invest €717m, more than doubling the government's stake to almost 30%.
Additional reporting Bloomberg
Read More
Tesla shares soar after first robotaxi rides hit the road
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dublin Live
3 hours ago
- Dublin Live
Tourist tax for Dublin under consideration as GPO plans discussed
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A tourist levy is under consideration for Dublin City but it is "highly unlikely and unrealistic" that it will be introduced in the next year, the Government has confirmed. This is despite Tánaiste Simon Harris saying two months ago that he would be "nervous" about the imposition of such a tax. However, Taoiseach Micheál Martin stated that it may be needed to fund some of the recommendations contained in a 10-year roadmap to "revitalise" Dublin. A Special Purpose Vehicle (SPV) will be established by and operate under the auspices of Dublin City Council to drive delivery. This will include the redevelopment of the GPO as an "ambitious and historic flagship project with cultural, retail and office components". The Government also agreed to further consider wider measures which could support the regeneration of Dublin and other cities, such as an Accommodation Tax or Levy, borrowing limits for Local Authorities and a review of the Living City Initiative. Several ministers, including Fine Gael's Patrick O'Donovan, have expressed reservations about such a plan. However, the Taoiseach stated that it could generate between €4 million and €41 million. Mr Martin said a detailed paper was prepared by the Department of Tourism. He said: "It could provide additional revenue raising powers so that will be examined. "Because, let's be honest, there's going to be significant investment here. There's going to be significant additional expenditure to make the city more attractive. "Identifying revenue sources which won't go near meeting the entirety of the expenditure that would be allocated to this project is a good principle. But it will be examined in more detail. Estimates vary, depending on the rate or fee applied, range from €4 million to €41 million." In April, the Tánaiste said he would be "very nervous" about the imposition of a tourist tax in Dublin. Asked if he was still nervous about the plan, Mr Harris said it was an "issue of timing for a sector that has gone through huge volatility". He added: "There can be significant benefits in a tourist tax if done in the correct way. Many, many European capital cities have that. But of course, you want to get the timing right." When asked if it would be introduced in the next year, Mr Harris said that was "highly unlikely and unrealistic". Elsewhere in the plan, there is a commitment to recruit 1,000 extra Gardaí for Dublin City alone, something the Taoiseach said was possible in the 10-year plan. However, there were no details provided on what budget will be put behind the plan and how much it would cost to implement all of the "big moves" recommended by the Dublin City Taskforce. Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice . For all the latest news from Dublin and surrounding areas visit our homepage.
Irish Daily Mirror
3 hours ago
- Irish Daily Mirror
'Not an insignificant moment' as new Occupied Territories Bill goes to Cabinet
It is 'not an insignificant moment' that Ireland has become the 'first country in the European Union to publish legislation seeking to ban trade with the Occupied Palestinian territories', Tánaiste Simon Harris has said. Mr Harris, who is also the Foreign Affairs Minister, brought the Israeli Settlements Prohibition of Importation of Goods Bill 2025 to Cabinet on Tuesday. However, unlike Senator Frances Black's original Occupied Territories Bill, it does not outlaw services. Taoiseach Micheál Martin confirmed that the Attorney General has been asked to bring forward further legal advice on services. He admitted that it is 'genuinely more complex than goods transferring, but we will get further legal advice on that'. Minister Harris, meanwhile, said it would be 'disingenuous' for people to say that the Government does not want to include a ban on services in the legislation, arguing that the 'Government wants to get this right'. He said: 'This is not an insignificant moment. We are becoming the first country in the European Union to publish legislation seeking to ban trade with the Occupied Palestinian territories. We shouldn't just jump over that fact. 'People across the country, regardless of political persuasion, are sick to the pit of their stomach at the genocide that is taking place in Gaza. 'It is not as if we do a huge amount of trade of goods with the Occupied Territories, but it is the right thing to do. 'It is the right thing to do because we hope in doing it that it might encourage Europe to continue to move forward together on this. 'While our domestic legislation today is important, it's what the people of this country want, it's what we committed to do, actually, what is more important is having impact. 'If this is about having an impact and getting genocide to stop, it has to be about building coalition at a European level to maximise the leverage and pressure on Israel.' The inclusion of services will be further debated when the Bill goes to the Foreign Affairs Committee as early as next week. It is understood that Mr Harris and Senator Black could be the first witnesses at the committee if they are available. On X, Senator Black stated that she will still seek for services to be included in the Bill when pre-legislative scrutiny is done. The Irish Mirror's Crime Writers Michael O'Toole and Paul Healy are writing a new weekly newsletter called Crime Ireland. Click here to sign up and get it delivered to your inbox every week
The Journal
3 hours ago
- The Journal
No timeline for 'tourism tax' but Taoiseach says it could help fund Dublin city revamp
A TOURISM TAX could help bring in 'significant' funding for a plan to 'revitalise' Dublin city, the Taoiseach said. The Journal reported last week that Micheál Martin is not opposed to the idea, but the Taoiseach went further today at the launch of the Dublin City Taskforce roadmap . He told reporters today that assessments show such a tax could take in between €4-€41 million, but asked when it could be introduced, the Taoiseach said the measure would have to be 'examined in more detail'. Martin said that a tourism tax will be examined to help fund the 'significant' expenditure needed to make the city more enticing. 'It could provide additional revenue raising powers, so that will be examined. Because, let's be honest, there's going to be significant investment here. Advertisement 'There's going to be significant additional expenditure to make the city more attractive. 'It will be examined in more detail. Estimates varies between depending on rate of fee applied, it would range from four million to €41 million.' The Tánaiste added: 'There can be significant benefit in a tourist tax if done in the correct way. 'Many, many European capital cities have it, but of course, you want to get the timing right, you want to, obviously consult,' said Harris. He added it would also be about 'empowering' Dublin City Council to decide whether it needed an additional revenue stream. 'The idea that people who visit our city would make a small contribution, they would go back into the city council coffers to help them deliver some of the projects. 'So fundamentally, I believe, massively in local government, empowering councillors and providing revenue streams, there needs to be a sensitivity around the timing.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
