Wells Fargo: Starlink to Hit 46.7M Users and $51.5B Revenue by 2028
XFreeze · x · 2026-09-24
Wells Fargo forecasts Starlink growing from 17M users by end of 2026 to 46.7M by 2028 (vs 12M subscribers at Q2), with revenue climbing from $19.1B in 2026 to $30.2B in 2027 and $51.5B in 2028 — nearly 4x network scale in just over two years.
The report also flags spectrum upside: 50 MHz of under-utilized UHF broadcast spectrum (470-600 MHz), with the Edgebeam consortium potentially covering 80%+ POPs — implying another 14B MHz-POP and maybe $30B in valuation.
Key challenges include getting broadcasters to sell, FCC possibly preferring another Incentive Auction (5+ years), and <600MHz bands potentially requiring handsets with unique higher-power antennas.
Related event: Wells Fargo Predicts Starlink to Reach 47M Users and $51B Revenue by 2028(2 posts)→
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