SpaceX①：近四分之三的发射都在运送自家卫星，Starlink如何把火箭变成一门好生意？｜EP47

from 投研随身听 · host 慢研播客

2025年，SpaceX完成165次Falcon发射，其中122次运送自家的Starlink卫星，新增发射量主要由SpaceX自己创造。本期拆解SpaceX最难复制的商业闭环：Starlink填满发射档期，复用率与稼动率提高，单次发射成本三年下降接近38%；更低的入轨成本再进入卫星资产与折旧，让利润沉淀到连接业务。2025年，连接业务营业利润达到44.23亿美元，资产回报率约37%。真正的护城河不是一枚火箭，而是可复用运力与大规模自有载荷形成的需求闭环。信息截止：2026-08-27。本节目不构成投资建议。

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SpaceX①：近四分之三的发射都在运送自家卫星，Starlink如何把火箭变成一门好生意？｜EP47

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