BUZZ - Bernstein expects Starlink's broadband revenue to reach $64 billion by 2031

September 28 - ** Bernstein expects SpaceX's SPCX.O "Starlink" home broadband business to achieve about $64 billion in annual revenue by 2031

** The broker stated that Starlink's user base has grown from almost zero in 2020 to about 12 million by the second quarter of 2026, enabling it to seize a significant market share from traditional satellite broadband providers and other broadband technologies

** It is expected that by 2031, Starlink's user base will increase to around 168 million, but as Starlink's global coverage expands, the average revenue per user may decrease

** The forecast is based on the assumption that Starlink will absorb almost all traditional satellite broadband users, capture market share from DSL, cable TV, and fixed wireless operators, provide connectivity to previously underserved households, and will not face substantial bandwidth capacity constraints

** The broker stated that Starlink's total addressable market includes over 800 million broadband users, and about half of the world's existing households still do not have access to fixed broadband

** Bernstein has given SPCX an "outperform" rating, with a target price of $248

** SPCX's stock price has risen by about 10.2% compared to its IPO price of $135

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