v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3 - Revenue
Revenue disaggregated by products and services is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Products$771 $430 $1,612 $1,185 
Services13,804 5,146 25,471 12,529 
Total revenues
$14,575 $5,576 $27,083 $13,714 
All products revenue is attributable to the Connectivity segment.
Revenue disaggregated by type and segment is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Launch Services $1,130 $1,000 $2,108 $2,056 
Launch & Development637 666 1,240 1,221 
Space
1,767 1,666 3,348 3,277 
Consumer3,121 1,986 7,754 5,198 
Enterprise & Government(1)
2,127 1,111 5,042 2,961 
Connectivity
5,248 3,097 12,796 8,159 
Advertising538 454 1,248 1,323 
SI Solutions & Infrastructure7,022 359 9,691 955 
SI
7,560 813 10,939 2,278 
Total revenues
$14,575 $5,576 $27,083 $13,714 
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(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Deferred revenue
Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance. Deferred revenue primarily relates to Space agreements and Connectivity enterprise and government contracts. Total deferred revenue as of December 31, 2025 was $12,116 million, of which $1,287 million and $3,767 million was recognized as revenue during the three and nine months ended September 30, 2026, respectively. Total deferred revenue as of September 30, 2026 was $17,520 million.
Backlog
The Company’s backlog represents the transaction price of performance obligations to customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable agreement has been reached. Backlog does not include amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights and any estimated amounts of variable consideration that are subject to constraint. Backlog totaled $62,959 million as of September 30, 2026, of which $17,520 million was recognized as deferred revenue at September 30, 2026. Approximately 67% is expected to be recognized within one year, and approximately 27% is expected to be recognized between one and three years, with the remaining 6% to be recognized thereafter.
Concentration of risk
Consolidated revenue from significant customers is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Customer A16.6 %23.9 %17.3 %21.6 %
Customer B34.5 %*24.2 %*
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* Customer did not represent more than 10% of consolidated revenue for the period.
Revenue from Customer A relates to all three segments and revenue from Customer B relates to the SI segment. No other customers represented more than 10% of consolidated revenue during the three and nine months ended September 30, 2026 and 2025.
As of September 30, 2026, one customer represented 27.7% of Accounts receivable, net. No customer represented 10% or more of Accounts receivable, net as of December 31, 2025.