KeyBanc: Starlink Faces Higher Churn Despite Subscriber Growth
KeyBanc's latest analysis points to questions about the sustainability of the satellite provider's customer growth
WASHINGTON, Nov. 10, 2026 — Starlink app downloads increased in October, but rising customer churn and declining average revenue per user could signal challenges for the satellite broadband provider, according to a new KeyBanc Capital Markets analysis.
Starlink app downloads increased 5 percent month over month to approximately 1.16 million in October, up 55 percent year over year. U.S. downloads reached approximately 389,000, an all-time high, while international downloads totaled about 775,000, according to a research note from KeyBanc Capital Markets analysts Brandon Nispel and Michael Leshock.
