Starlink Unit Economics 2026: The Model Behind the 70% Margin
Starlink's 60-70% EBITDA margin is either the most defensible moat in telecom or the most temporary. This is the model behind the number: per-satellite CapEx by generation, ARPU segmented across five customer tiers, $/Mbps math versus fiber and GEO, churn dynamics, Direct-to-Cell take-rate sensitivity, and regional capacity vs demand. The unit economics either survive Amazon Leo and OneWeb pressure or they don't.
