150 Antenna Costs Continue To Decline SpaceX currently produces user terminals for less than the $599 it charges customers. Lower antenna costs should enable SpaceX to scale Starlink profitably. Starlink Antenna Costs Starlink Subscribers $10,000 2,500,000 S 2.3 million T 2,000,000 Dec. 2023 E K C RO E ) L t e 1,500,000 B s A o cal S C U S $1,000 nitg RE U o Number (L 1,000,000 $450 2028e 500,000 $100 - 1 100 10,000 1,000,000 100,000,000 0 200 400 600 800 1000 1200 Cumulative Production Launch: February 2021 Days Since Starlink Launch (Log Scale) Sources: ARK Investment Management LLC, 2024, based on data from SpaceX as of September 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.