This article is more than 5 years old. Pedestrians walk on a bridge past a brick "castle" built outside the Boring Co. test ... More tunnel across from Space Exploration Technologies Inc. (SpaceX) in Hawthorne, California, U.S., on Tuesday, Dec. 18, 2018. Photographer: Patrick T. Fallon/Bloomberg © 2018 Bloomberg Finance LP While SpaceX, the rocket company run by Elon Musk, has made a name for itself in the space launch services business, launching satellites at a much lower price than incumbents, its addressable market remains relatively small. The market for commercial satellite launches stood at ~$5 billion in 2017, with revenues projected to grow to $7 billion by 2024, giving the company relatively little room to expand, considering that its launch revenues stood at roughly $2 billion last year. However, SpaceX could see a much greater upside from Starlink, the satellite-based Internet network that it expects to commercialize over the next two years. Starlink aims to provide low-cost internet access globally, including to far-flung areas where conventional internet and mobile services cannot be provided in a cost-effective manner, using a constellation of several thousand satellites. The company has successfully launched experimental Starlink satellites over the last two years and has plans for 24 missions in 2020. In this analysis, we break down the potential subscriber base, revenues, and valuation for the new satellite-based Internet service by the year 2025.