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)→
More from Venture
- VCs ask: with a $500B+ IPO bar, what's the path for $10-20B tech companies? — MartinGTobias · 2026-11-12
- Map of the agent economy: 50+ startups across payments, spend control, identity, memory — venturetwins · 2026-11-12
- Google AI Overview cites zero company sites, only Reddit and YouTube, SEO expert finds — lilyraynyc · 2026-11-12
- Shopify: AI-driven traffic up 8x YoY, AI-search orders up 13x — and it converts better — venturetwins · 2026-11-12
- a16z maps the B2A economy: AI agents are now most of web traffic and soon its buyers — venturetwins · 2026-11-12
- OpenAI's quarterly revenue reportedly crosses $10B for the first time, up ~50% QoQ — TechCrunch AI · 2026-11-12