Satellites & Digital Markets (+$157bn / year)

Satellites are being launched into space at an accelerating pace. This is leading to scientific advances, defense-related maneuvers (in the final frontier), and also commercial implications for consumers here on Earth. In this note, we dive into a brief overview of the satellite market, whether its internet connectivity is good enough yet (in short, it is), and how this could expand the markets for digital subscriptions and online advertising. Before you space out, let us launch right in.

Satellites: Market Overview

In 2025, the satellite market is estimated to generate ~$360 billion in annual revenue and is likely to double by 2034. Since the year 2000, there have been ~15k launches and there are currently estimated to be around 12-13k satellites in orbit. Of these 15k launches, ~75% have occurred since 2020 - we are in the midst of a space race.

The main countries involved in this orbital race with estimated satellites in orbit are the USA (8.5k), Russia (1.5k), China (~900), UK (~760), Japan (~200), India (~130), France (>100), and followed by Germany, Italy, and Canada (each <100). The below chart shows how objects launched into space (primarily satellites) have rapidly accelerated since 2017/2018 to now (the USA is the clear leader).

‍Satellite Orbit: LEO, MEO, and GEO

‍When satellites are launched, they are primarily sent into one of three orbits: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO). Each of these orbits has its own main focus but there is certainly overlap for each one. As you will see below, most of the satellites are in LEO, which has a main focus on internet connectivity on Earth.

Below is a helpful visual of these orbital patterns around our Earth (remember, there are ~12-13k satellites already in orbit above our heads right now).

What About Starlink?

It is impossible to talk about satellites without commenting on the recent activity by SpaceX. Yet we are not focused on the incredible accomplishment of remotely landing rockets from Earth to space and back, we are most interested today in Starlink. Below is an image that many of us have seen up in the night sky (we will see more of this in the next few years):

For those unfamiliar, Starlink is a satellite internet constellation operated by SpaceX. A few highlights below:

• Satellite Constellation: they have launched an organized network of thousands of small satellites that are all orbiting in Low Earth Orbit (LEO). Starlink has launched >9.2k satellites to date and there are about 8k active satellites in orbit (~6% have been de-orbited) that are actively providing broadband internet coverage (Starlink tracker)
• Subscribers: Starlink just surpassed 6m subscribers in June 2025 (up from 4m in September 2024 and 1m in December 2022). Starlink functions in 140 countries and primarily in rural and remote areas (Starlink)
• Speed / Connectivity: thanks to being in LEO, the connectivity is strong at 25-220Mbps download speed (varies on the location, Starlink Specifications)

Below is a high level analysis into the internet connectivity of Starlink and how it matches up against the main internet use cases today (note: this is based on Starlink U.S. connectivity for right now, but we expect this same connectivity to be rolled out globally in the coming years). In short, Starlink is now good enough for almost any use of the internet:

‍Why Does This Matter? Market Expansion.

‍In the world today, internet connectivity is not a given for the global population. As you will see below, even regions like North America, there is 7% of the population with no internet connection; connectivity is a much greater issue in regions like Africa (55%) and South Asia (46%).

1) Digital Advertising ($86bn) - the opportunity for the $772 billion digital advertising industry can be extrapolated to what internet connectivity (enabled via satellites and services like Starlink) can do for market expansion. Below you will see a weighted analysis projection that the population in the world today who do not have an internet connection represent a $22-86 billion opportunity for digital advertising (in 2025 alone, not accounting for future growth).

2) Digital Subscriptions ($71bn) - digital subscriptions are a ~$550 billion market in the internet-connected world today. This includes subscriptions for gaming, streaming, news, grocery, health, and many more. The untapped opportunity of connecting more people to the internet with increased satellite coverage is expansive. Today, we estimate this would be $18-71 billion in 2025 alone for the digital subscription market (see below):

Takeaway: The satellite industry has rapidly expanded to ~12-13k new satellites in orbit over the past 5 years. Most of these satellites are in Low Earth Orbit (LEO), which has a main utility of bringing internet access to rural and remote populations on Earth. Companies like Starlink can now support ~200Mbps down and 15-20Mbps up, which is sufficient for almost all internet usage (gaming, streaming, YouTube, search, text, email, etc). By bringing the internet to the unreached, this could unlock up to an additional $86 billion for the digital advertising industry ($770bn today) and a potential net new $71 billion for the digital subscription market. Satellites are much more than lights in the sky and it is about to have substantial commercial impact here on Earth.