## 为什么这件事现在重要 ENGLISH · ORIGINAL Please refer to the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures" for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure. **Why This Matters Now** For the entirety of its existence, human civilization has lived on a single celestial body: Earth. The current paradigm, in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable and uncontrollable on a planetary scale. By moving beyond the only home we have ever known, we ensure species-level redundancy and that the light of consciousness will not be tied to a single planet subject to the inevitable hazards of a harsh and vast universe. We do not want humans to have the same fate as dinosaurs. We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an endlessly prosperous and exciting future. For decades, a reality where humanity travels between the planets and the stars has felt tantalizingly close but still locked in the pages and screens of science fiction. We are capable of better understanding the universe, exploring the universe, and ultimately making life multiplanetary across the universe. 中文翻译 *（"Segment Adjusted EBITDA"不是 GAAP 标准指标，详见后文"管理层讨论与分析——非 GAAP 财务指标"一节，包括它与各部门经营利润/亏损的对账表。）* **为什么这件事"现在"重要？** 人类文明诞生以来，一直只住在一个天体上——**地球**。但"全人类挤在一颗行星上"这个现状，让我们暴露在各种**不可预测、行星级别、人类无法控制的"灭顶风险"**下。 所以我们要把人类带到地球之外，给"人类"这个物种多一份"备份"——确保"意识之光"不会因为一颗行星的意外而永远熄灭。**我们不想让人类重蹈恐龙的覆辙。** 我们想让每个人有理由抬头看天、对未来充满期待——相信我们正在进入一个"**丰裕时代**"，未来会比过去更繁荣、更让人兴奋。 过去几十年，"**人类在行星和恒星之间穿梭**"这件事一直像是科学幻想里的画面，触手可及又遥不可及。**我们有能力把这变成现实**——更深入地理解宇宙、更自由地探索宇宙、最终让"多行星生命"遍布宇宙。 原图来源：SEC EDGAR · Elon 引言

## 数字鸿沟、AI 算力需求与电力瓶颈 ENGLISH · ORIGINAL We are becoming a civilization with the ability to reach beyond Earth's cradle and begin to inhabit other worlds. While we remain dedicated to this fundamental mission, our progress in accessing space continues to yield opportunities that enrich life on Earth. For example, by dramatically reducing the cost of access to space, we have been able to expand our mission to address some of the Earth's most pressing challenges, including bridging the digital divide by aiming to connect over three billion unconnected people to the internet and humanity's collective knowledge. The rapid emergence of the AI era intensifies the urgency of our mission, as AI has the potential to accelerate not only space exploration, but also transformative societal advancements on Earth. However, AI's ability to revolutionize human potential is directly dependent on meeting exponentially increasing resource demands. On Earth, the massive expansion of data center capacity to support growing compute demand is significantly outpacing electricity generation, which was effectively flat in the United States for approximately 15 years, growing at a compound annual growth rate of 0.1% from 2008 to 2023. Despite the recent increase in electricity demand from AI data centers, electricity generation in the United States has grown at an annual rate of less than 3% between 2023 and 2025, while electricity generation in China has grown at approximately twice that rate in the same time period. 中文翻译 我们正在成为一个**可以走出地球摇篮、开始移居其他世界的文明**。我们仍然坚守"让人类成为多行星物种"这个根本使命，但"进入太空的成本大幅下降"这件事，又让我们能把使命扩展到地球上的紧迫问题上来——比如**弥合"数字鸿沟"**（让目前还没有联网的 **30 多亿人**也能上网、用上人类积累的知识）。 **AI 时代的突然到来**进一步加剧了我们使命的紧迫性——AI 既能加速太空探索，也能在地球上带来翻天覆地的社会进步。但**AI 能不能真正释放潜力，取决于我们能不能解决一个指数级增长的资源问题：电**。 - **过去 15 年**（2008-2023），**美国的发电量基本没增长**——年均复合增长率（CAGR）只有 **0.1%**，接近"零增长"。 - **2023-2025 期间**，虽然 AI 数据中心让用电量大增，但美国的发电量年增长率**仍不到 3%**；同期**中国**的发电量增速**大约是美国的 2 倍**。 #### 📝 翻译者注 "digital divide（数字鸿沟）"是常用词；"CAGR（Compound Annual Growth Rate）"译为"年均复合增长率"。 原图来源：SEC EDGAR · 招股书封面

## 太空太阳能：AI 算力的真正解法 ENGLISH · ORIGINAL This supply and demand imbalance is already imposing unsustainable strains on terrestrial power grids, supply chains, and the environment. The Sun contains approximately 99.8% of the solar system's energy and, as a result, we believe it is the only truly scalable solution to terrestrial energy constraints in the age of AI. Harnessing this energy in space is considerably more efficient than on land. Space-based solar arrays can generate more than five times the energy per unit area of terrestrial solar due to continuous illumination, lack of atmospheric interference, and optimal orientation. SpaceX is well-positioned to capture this space-based solar energy through our ability to rapidly access Sun-synchronous orbit through our satellite manufacturing scale and launch capability. As a result, we are expanding our footprint and harnessing the vast resources of space that are essential to sustaining technological development. Our goal is to ensure that AI becomes a force for human flourishing and a benefit to civilization, rather than a catalyst for terrestrial resource depletion and instability. We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond. 中文翻译 **这种"电力供应跟不上需求"的失衡**已经在给地面电网、供应链和环境施加**不可持续的压力**。 **太阳**拥有太阳系 **99.8%** 的能量——所以我们认为，**在 AI 时代，太阳是唯一真正可扩展的能源解法**。在太空收集太阳能的效率**远高于地面**——因为太空里没有大气层遮挡、没有昼夜交替（持续被太阳照）、太阳板可以始终保持最佳朝向，**同样面积的太阳能板在太空里能发的电是地面上的 5 倍以上**。 SpaceX 完全有能力抓住这个"**太空太阳能**"机会——因为我们既能大规模造卫星，又能快速把它们发射到"**太阳同步轨道**"上（这种轨道是收集太阳能的最佳位置之一）。所以我们正在把业务延伸到太空，去**获取那些对人类技术发展至关重要的太空资源**。 我们的目标是：**让 AI 成为人类繁荣的助推器、文明的福利**——而不是反过来，让 AI 变成"耗尽地球资源、引发不稳定"的导火索。 我们相信，今天在太空做的这些事，**未来会催生改变地面行业的突破性技术**，并在**月球、火星和更远的地方**开拓出**新的万亿美元级别市场**。 原图来源：SEC EDGAR · Falcon 9 发射

## 月球 + 火星 + Kardashev II 文明 ENGLISH · ORIGINAL In particular, we believe our goal of establishing a lunar presence will enable terawatt-scale annual AI compute growth, support deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars. We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding spacefaring civilization that drives continuous innovation across new frontiers, ultimately propelling us to Kardashev Type II status—we believe we are capable of unlocking an era of unprecedented economic expansion, while also contributing to the safeguards of humanity's future against existential risk. **Who We Are** SpaceX combines the most transformative and critical technologies in human history, including reusable rockets, a fully global internet service, satellite-to-mobile communications, a real-time information, entertainment and free speech platform, and a truth-seeking AI system designed to accelerate scientific discovery and augment human capabilities. **Our Unparalleled Launch Capabilities** Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design, manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence access to space for our own purposes as well as for third-party commercial and government customers. 中文翻译 我们尤其相信，**在月球上建立永久存在**这件事，可以： - 让"**年度 AI 算力**"达到"**太瓦级**"（1 万亿瓦特）规模——是现在地面数据中心的千倍、万倍量级； - 支持更深远的太空探索和太空工业化； - 成为"**在火星上建立文明**"的跳板。 我们认为，**人类下一个范式转变**是：**创造一个"有韧性、能不断扩张"的星际文明**——在各个新边疆持续创新。我们最终的目标是带领人类达到"**卡尔达肖夫指数 II 型文明**"——这是一个天文学概念：能利用**整颗恒星**级别能量的文明。**我们有能力开启一个前所未有的经济大扩张时代**，同时为人类未来抵御"灭顶风险"提供保障。 **我们是谁** SpaceX 把人类历史上最具变革性、最关键的技术**集于一身**： - **可重复使用的火箭** - **覆盖全球的互联网服务**（Starlink） - **手机直连卫星通信** - **实时信息、娱乐和言论自由平台**（X） - **专门追求真相的 AI 系统**（Grok）——为加速科学发现、增强人类能力而设计 **我们无可比拟的发射能力** 自 2002 年成立以来，SpaceX 真正搞定了"**大规模进入太空**"这个难题——把一个停滞了几十年、行业内人人怕事、成本结构扭曲的行业彻底改造。我们**自己设计、制造、发射、翻修可重复使用的运载火箭**，既能服务自己的需求，也能为商业客户和政府客户提供**便宜、可靠、高频次**的太空进入服务。 #### 📝 翻译者注 **"Kardashev Type II"**（卡尔达肖夫 II 型文明）：苏联天文学家尼古拉·卡尔达肖夫提出的文明分级——I 型能用整颗行星的能量、II 型能用整颗恒星的能量、III 型能用整个星系的能量。**"terawatt-scale"** 译"太瓦级"（10¹² 瓦），是目前地面 AI 数据中心总功率的千倍以上。 原图来源：SEC EDGAR · Grok 视觉

## SpaceX 发射能力关键数字 ENGLISH · ORIGINAL Our extensive vertical integration and end-to-end control over the entire value chain, from design to launch to operations, allows us to achieve unprecedented speed and cost efficiency. As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over 99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches, and over 540 of those launches were completed by a flight-proven Falcon rocket. With the first successful launch of Falcon 1 in 2008, we became the first private company to successfully launch a liquid-fueled rocket to Earth's orbit. In December 2015, we achieved what many deemed impossible: landing a rocket launched to space back on Earth. By 2017, we were routinely recovering and reusing the Falcon 9 first-stage booster post-launch, delivering another step-function drop in space access costs via groundbreaking reusability. As of March 31, 2026, our Falcon 9 rockets have demonstrated the ability to refly a first-stage 34 times. With the future deployment of Starship, which is designed to be the world's first fully and rapidly reusable spacecraft, we aim to reduce the cost to reach orbit by 99% or more relative to the historical average launch cost, establishing the most affordable and scalable path to creating new opportunities in space, such as orbital AI compute and Mars exploration. 中文翻译 我们**全程自己干、端到端控制整条价值链**（从设计、到发射、到运营），所以能做到**业内前所未有的速度和成本效率**。 - 截至 2026 年 3 月 31 日，SpaceX 累计把**大约 7,400 公吨**的载荷送上了轨道，**Falcon 系列火箭的任务成功率超过 99%**。 - 我们已经完成了**大约 650 次轨道发射**，其中**超过 540 次用的是"飞过"（flight-proven）**的 Falcon 火箭——也就是用过不止一次的火箭。 - **2008 年**，我们的 Falcon 1 首次成功发射，**我们成为全球第一家把液体燃料火箭送上地球轨道的私人公司**。 - **2015 年 12 月**，我们做到了很多同行觉得不可能的事——**把从太空飞回来的火箭重新落在地面上**。 - **到 2017 年**，我们开始**常态化地回收和重复使用** Falcon 9 的一级助推器——通过革命性的"可重复使用"能力，**太空进入成本再次出现台阶式下降**。 - 截至 2026 年 3 月 31 日，**Falcon 9 的一级助推器已经证明可以重复使用 34 次**。 未来等 **Starship**（目标做成"**全球第一艘完全、快速可重复使用**"的航天器）部署后，我们的目标是：**把进轨道的成本再砍掉 99% 以上**（相比历史上的平均发射成本），为"轨道 AI 算力"、"火星探索"等新业务**创造最便宜、最可扩展的进入太空的方式**。 原图来源：SEC EDGAR · Elon 与 xAI

## 主要火箭和飞船（一）：Falcon 9 / Falcon Heavy / Dragon ENGLISH · ORIGINAL Our principal launch vehicles and spacecraft include: - **Falcon 9.** As the world's first orbital-class rapidly reusable rocket, Falcon 9 was first launched in 2010 and has a payload capacity to LEO of approximately 23 metric tons when fully expendable. Falcon 9 has completed approximately 620 orbital space launches as of March 31, 2026, and an over 99% mission success rate. According to NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per kilogram, approximately 85% less than the historical average launch cost of $18,500 per kilogram. - **Falcon Heavy.** Falcon Heavy first launched in 2018 when it put a Tesla all-electric sports car ("Tesla Roadster") and its mannequin passenger, known as Starman, into orbit around the Sun. With a payload capacity to LEO of approximately 64 metric tons, Falcon Heavy is a partially reusable super heavy-lift launch vehicle designed to deliver large payloads to orbit. Falcon Heavy is one of the most powerful operational rockets in the world measured by liftoff thrust, with 11 launches as of March 31, 2026 and a 100% mission success rate. - **Dragon.** Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial spacecraft to deliver cargo to and from the International Space Station, an orbiting laboratory that serves as a research facility and destination for human spaceflight, and, eight years later, the first privately built vehicle to fly humans to the orbiting laboratory. 中文翻译 我们主要的运载火箭和飞船包括： **• Falcon 9（猎鹰 9 号）。** 全球**第一枚能"轨道级"快速重复使用**的火箭，2010 年首飞。如果完全一次性使用（不回收），它能把大约 **23 公吨**的载荷送到近地轨道。截至 2026 年 3 月 31 日，Falcon 9 已经完成了**大约 620 次**轨道发射，**任务成功率超过 99%**。**NASA 数据显示**：2010 年的第一版 Falcon 9 把发射成本降到了**每公斤约 2,700 美元**——比历史上 $18,500/公斤 的平均成本**便宜了 85%**。 **• Falcon Heavy（猎鹰重型）。** 2018 年首飞，**首发时把一辆特斯拉纯电动跑车（Tesla Roadster）和它的假人乘客"Starman"送上了绕太阳飞行的轨道**。Falcon Heavy 能把大约 **64 公吨**载荷送到近地轨道，是"**部分可重复使用**"的**超级重型运载火箭**——专为大质量载荷设计。截至 2026 年 3 月 31 日，**按起飞推力计算，Falcon Heavy 是当今世界上现役最强的火箭之一**；共发射 11 次，**任务成功率 100%**。 **• Dragon（龙飞船）。** 2012 年由 Falcon 9 发射入轨。我们 Dragon 是**全球第一艘**商业飞船**给国际空间站（ISS）来回运送货物**的飞船；8 年后（2020 年），**Dragon 又成为全球第一艘**由私人公司建造、**把人类送上空间站**的飞船。 #### 📝 翻译者注 - **"LEO"** = Low-Earth Orbit（**近地轨道**），离地面约 200-2000 公里。 - **"ISS"** = International Space Station（**国际空间站**）。 - **"Starman"** 是 SpaceX 给那个假人起的名字，2018 年 Falcon Heavy 首发时随 Roadster 一起发射，成了流行文化符号。 原图来源：SEC EDGAR · 多行星生命

很多人以为，合同里的保密条款就是用来保护商业秘密的，签了就老老实实遵守，没什么好质疑的。可实际上，有些保密条款写得比前男友的备忘录还离谱，藏着坑你不商量。举个例子，我见过一份劳动合同，里面写“员工离职后三年内，不得向任何人透露公司任何信息，连工资多少都不能说”。乍一看挺合理，但仔细一琢磨，这“任何信息”四个字，连公司食堂菜难吃都算进去了。这根本不叫保护商业机密，这是拿保密当枷锁，想堵住你的嘴。 法律上，这种条款往往落入了“霸王条款”的范畴。根据民法典，格式条款如果明显加重对方义务、限制对方权利，甚至排除自己责任，就可能无效。保密条款不是不能有，但得有个边界。比如，范围要明确：哪些是真需要保密的商业信息，哪些是普通员工交流的日常内容？期限也得合理，十年八年的保密期，除非你签的是核心技术转让合同，否则基本等同于耍流氓。更别提那些让你“无条件承担保密责任”的条款——你连违反之后要赔多少钱都没法预估，签了等于给自己埋雷。 说白了，保密条款是双刃剑，用对了，保护双方；用歪了，就成了甲方或者用人单位手里的“大棒”。签合同前，别光盯着工资和岗位，多看一眼保密条款怎么写。如果对方连“保密范围”都写不清楚，那八成是想拿这个条款来拿捏你。记住，法律不保护躺在权利上睡觉的人，该较真的时候就别忍着。

## 主要火箭和飞船（二）：Dragon 载人与 Starship ENGLISH · ORIGINAL Since 2020, our Dragon spacecraft has safely flown 78 crewmembers from 20 countries. - **Starship.** First launched in 2023, Starship is designed to be a fully reusable, super heavy-lift launch vehicle. Starship V3 is designed to deliver 100 metric tons to Earth's orbit in a fully reusable configuration while enabling rapid turnaround times akin to commercial aviation. Future generations of Starship are being designed to double this payload capacity. To date, we have executed 12 Starship flight tests, with our 12th flight test in May 2026 debuting the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones such as catching a booster using "chopstick" arms on the same tower it launched from. We expect this capability will facilitate rapid refurbishment and reuse, allowing for multiple launches per day at reduced costs. Upon achieving rocket reusability, we recognized the immense potential of our launch business to enable new revenue streams. This led to the development of Starlink, our global satellite internet constellation, consisting of thousands of LEO satellites designed to provide high-speed, low-latency broadband connectivity to underserved areas worldwide. 中文翻译 **自 2020 年以来，我们的 Dragon 飞船已经安全运送过 78 名宇航员，他们来自 20 个国家。** **• Starship（星舰）。** 2023 年首飞，目标是做成"**完全可重复使用**"的**超级重型运载火箭**。 - **Starship V3**（第 3 版）：在"**完全可重复使用**"的配置下，能把 **100 公吨**载荷送到近地轨道，而且能像商用飞机那样**快速重新准备下一次发射**。未来几代 Starship 设计目标是把运载能力**再翻一倍**。 - **到目前为止，我们已经做了 12 次 Starship 试飞**。第 12 次（**2026 年 5 月**）首次飞的是**下一代 Starship 飞船 + Super Heavy（超重）助推器**，配的是**下一代 Raptor 发动机**，从**Starbase 全新设计的发射台**起飞。 - **我们预计 Starship 在 2026 年下半年开始正式往轨道送货物。** - 我们已经实现了一个"**里程碑式创新**"——**用发射塔上的"筷子"机械臂把助推器在空中接住**（"筷子夹火箭"）。这个能力能让我们**快速翻修、多次复用**火箭，未来目标是**每天多次发射、成本大幅降低**。 我们一旦让火箭真正实现"重复使用"，就立刻意识到发射业务能开启**巨大的新收入流**——这促使我们开发了 **Starlink**（我们的全球卫星互联网星座），由**数千颗近地轨道卫星**组成，为全世界"网络覆盖不到位"的地区提供**高速、低延迟**的宽带连接。 #### 📝 翻译者注 - **"Starbase"**：SpaceX 位于德克萨斯州博卡奇卡（Boca Chica）的发射和飞船制造基地，已逐渐成为 SpaceX 的"第二个总部"。 - **"chopstick arms"（筷子臂）**：发射塔上一对巨大的机械臂，能在助推器返航时把它"夹住"，省去了落腿占用的空间。中文媒体常直接音译"**筷子臂**"。 - **"Raptor"（猛禽）**：SpaceX 自研的全流量分级燃烧发动机（用甲烷做燃料）。 原图来源：SEC EDGAR · X 与 Grok

## Starlink 由来 + 三大业务的"领先能力"概览 ENGLISH · ORIGINAL Although the concept of using satellites for global internet connectivity dates back decades, technical challenges and the prohibitive cost of accessing space and deploying the satellites required for capacity and global coverage historically rendered attempts to provide such connectivity economically unviable. Within three years of our first satellite launch in 2019, we solved the technical and production challenges of the satellites and had deployed the largest LEO constellation in existence. Today, Starlink is the sole low-latency network available globally. By combining increasing launch cadence, expanding cargo capacity, and declining unit costs—driven by rapid reusability—we have generated a compounding competitive advantage. This not only fortifies our core business, but also provides vast new market opportunities uniquely enabled by space. **Our Leading Capabilities Across Space, Connectivity, and AI** **Space.** While our launch capabilities support our other businesses, such as Starlink Consumer Broadband and Starlink Mobile, we also sell launches to third-party customers. We offer launch services to commercial, civil, international and government customers through our reusable Falcon 9 and Falcon Heavy rockets for satellite, cargo, and crew missions. We are the primary launch provider for the U.S. government. 中文翻译 "**用卫星做全球互联网**"这个想法其实**几十年前就有了**——但一直有两个大难题没解决： - **技术上**：做不出能稳定覆盖全球、容量足够的卫星星座； - **经济上**：把这么多卫星送上太空的成本太高，根本不赚钱。 2019 年我们第一次发射 Starlink 卫星之后，**不到三年时间**，我们就把这两道难题都解决了，并且建成了**当时最大的近地轨道卫星星座**。**今天，Starlink 是全球唯一一张能做到"低延迟"的全球覆盖网络。** 我们把"**发射频率越来越高 + 单次运载能力越来越大 + 每次发射成本越来越低**"这三个趋势**叠加起来**——背后是"**可重复使用**"的火箭——形成了一个**不断自我强化的竞争优势**。这不仅巩固了我们的核心业务，也给 SpaceX 打开了**只有"在太空里"才能做的新市场**。 **SpaceX 在"太空、通信、AI"三大业务上的领先能力** **太空（Space）业务。** 我们的发射能力**既服务自己的其他业务**（比如 Starlink 消费宽带、Starlink Mobile），**也卖给第三方客户**。我们用可重复使用的 Falcon 9 和 Falcon Heavy 给商业客户、民用客户、国际客户、政府客户提供发射服务（送卫星、送货物、载人）。我们是**美国政府的主要发射服务商**。 原图来源：SEC EDGAR · Falcon 9 全景

## Starlink Consumer Broadband（消费宽带）详情 ENGLISH · ORIGINAL In 2025, we launched 11 of 12 National Security Space Launch ("NSSL") medium and heavy lift missions and all five U.S. crew and cargo missions to the International Space Station for NASA. **Connectivity.** Our Connectivity business includes Starlink Consumer Broadband, Enterprise Solutions, Government Solutions, and Starlink Mobile. - **Starlink Consumer Broadband.** We operate the world's largest and most advanced space-based internet broadband service. We provide fiber-like download speeds—at a median of 225 Mbps during peak hours for residential users as of March 31, 2026—and the technological capability to provide service everywhere on Earth, including the poles. This service quality is enabled by our vast network of approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, which accounted for approximately 75% of all active maneuverable satellites in orbit as of March 31, 2026. We expect to commence deploying our next-generation V3 satellites, designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of 2026. We expect that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a potential twenty-fold increase in Starlink downlink capacity deployed relative to a Falcon 9 launch. - **Enterprise Solutions.** SpaceX is a critical partner to a wide array of enterprises. 中文翻译 **2025 年**： - 我们承接了美国"**国家安全航天发射**"（**NSSL**）计划中 **12 次中重型发射任务里的 11 次**； - 我们**承接了 NASA 全部 5 次**往返国际空间站（ISS）的**美国载人/货运任务**。 **通信（Connectivity）业务** 我们的通信业务包括 4 块：**Starlink 消费宽带、企业方案、政府方案、Starlink Mobile**。 **• Starlink 消费宽带（Starlink Consumer Broadband）** - 我们运营着**全球最大、最先进的天基互联网宽带服务**。 - 速度跟光纤接近——**截至 2026 年 3 月 31 日**，住宅用户在高峰时段的中位下载速度达到 **225 Mbps**（兆比特每秒）。 - **理论上能在地球任何地方提供服务，包括南北极**。 - 这种服务质量靠的是我们在近地轨道上**大约 9,600 颗** Starlink 宽带 + 移动卫星——这个数量**大约占目前在轨所有"可机动卫星"的 75%**。 - **下一代 V3 卫星**（单颗下行容量 **1 Tbps**，即 1000 Gbps）预计**用 Starship 在 2026 年下半年开始部署**。 - 我们预计**一次 Starship 发射可以送 60 颗 V3 卫星上近地轨道**——比一次 Falcon 9 发射的"Starlink 下行容量"提升 **20 倍**。 **• 企业方案（Enterprise Solutions）。** SpaceX 是各行各业的"关键合作伙伴"（详见下条）。 #### 📝 翻译者注 - **"Mbps / Tbps"**：**Mbps** = 兆比特每秒（10⁶ bit/s），**Tbps** = 太比特每秒（10¹² bit/s）。 - **"可机动卫星（maneuverable satellites）"**：能主动调整轨道的卫星（避免和其他卫星/太空碎片相撞）。SpaceX 之外，全球大部分卫星是没有机动能力的"死卫星"或简单轨道维持。 原图来源：SEC EDGAR · Elon 引言