SpaceX Starlink IPO: American Airlines Partnership, Pentagon Fee Hikes, Iran Service Prospects (tradingkey.com)

• Starlink revenue in 2025: $11.39 billion (61% of SpaceX total).
• American Airlines to equip 500+ aircraft with Starlink; installation from 2027.
• Pentagon fees for Starlink services quintuple; 3,500+ more Starshield terminals planned.
• Iran service: $500M setup fee, $100M monthly operating cost.

"SpaceX targets a $1.75–$2 trillion valuation in its mid-June 2026 Nasdaq listing. Starlink, its sole profit driver, generated $11.39 billion in revenue in 2025 (61% of total). American Airlines confirmed equipping over 500 aircraft with Starlink. The Pentagon has hiked payments for battlefield communications and plans to purchase over 3,500 additional Starshield terminals. A potential direct-to-cell service for Iran would include a $500 million setup fee and $100 million monthly operating costs."