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星链业务营收占比从38%升至61%，SpaceX核心引擎确立

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所属报告：

国防军工行业深度研究：商业航天系列（二）中国火箭首次实现一子级可控回收卫星互联网时代有望加速到来-260715（23页）.pdf

打包全文图表

2023年至2025年，SpaceX各业务营收占比发生显著变化。星链业务营收占比从2023年的38%升至2024年的56%，首次超过半数；2025年进一步提升至61%。其他业务（包括太空发射服务和AI板块）从62%降至39%，星链业务已成为SpaceX营收的绝对核心支柱。数据来源：经济观察报，一财网，国海证券研究所

2023-2025年SpaceX各业务营收占比
年份	星链业务营收占比	其他业务营收占比
2023年	38%	62%
2024年	56%	44%
2025年	61%	39%

数据来源：经济观察报，一财网，国海证券研究所

从2023年至2025年SpaceX各业务营收占比的变化来看，可以提炼出三个关键判断：
星链业务从“增长极”升级为“主引擎”。 2023年星链占比38%，其他业务（发射服务等）占62%；2024年星链占比跃升至56%，完成从“非主力”到“主力”的身份切换；2025年进一步升至61%，三年累计提升23个百分点，星链已成为SpaceX营收结构的绝对核心。
2024年为星链业务营收占比的分水岭。星链业务占比首次超过半数（56%），标志着SpaceX的收入重心从一次性发射服务转向持续性订阅服务，商业模式的可持续性显著增强。这一转变对应2024年SpaceX首次实现年度盈利7.91亿美元。
其他业务占比持续收缩。其他业务从2023年的62%降至2025年的39%，三年累计下降23个百分点。尽管绝对收入规模仍在增长，但星链业务的更快增速使其在营收结构中的比重持续下降，反映出SpaceX从“发射服务公司”向“全球通信运营商”的战略转型。