SpaceX has signed a supply contract with German equipment maker SINGULUS TECHNOLOGIES for “a turnkey production line for the manufacture of heterojunction solar cells”, Singulus said on 10 November. The company said the first line will be delivered in the first half of 2027 and that it plans to deliver multiple additional lines under a strategic partnership with SpaceX.
Singulus reported revenue of €48.3 million for 2025 and guides to around €83.0 million for 2026, according to its May results release. That guidance is 1.72x the 2025 figure, by our arithmetic. Neither company disclosed the value of the new contract.
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The key insight: SpaceX has signed a supply contract with SINGULUS TECHNOLOGIES for a turnkey heterojunction solar cell production line for its Starmind satellites in Bastrop, Texas, with the first line due in the first half of 2027, Singulus said. Singulus had 2025 revenue of €48.3 million and guides to around €83.0 million for 2026, 1.72x, by our arithmetic; SpaceX has also funded the company.
Singulus said production “will scale to support more than 100 GW of production equipment as SpaceX accelerates satellite manufacturing in Bastrop, Texas”. The release does not say over what period, or how many lines that takes.
Mike Nicolls, SpaceX’s Senior Vice President of Starlink, said in the release: “Partnering with SINGULUS gives us a high-performance manufacturing path for solar cells for our Starmind satellites at our production facility in Texas”. In a statement we reported on 7 November, SpaceX listed plans to “launch our Starmind supercompute constellation”.
Lars Lieberwirth, a member of Singulus’s executive board, said the partnership lets the company “solidify our position as a leading Western provider of next-generation solar cell technology”.
SINGULUS TECHNOLOGIES revenue: EUR 75.9M in 2024, EUR 48.3M in 2025, guidance of around EUR 83.0M for 2026. Source: SINGULUS Financial Results 2025 and Q1 2026, 12 May 2026. 1.72x is our arithmetic.
What Was Posted on X
SPACEX SIGNS SOLAR EQUIPMENT DEAL WITH SINGULUS
Singulus will supply a turnkey line to make heterojunction (HJT) solar cells for $SPCX’s Starmind satellites in Bastrop, Texas.
First line due H1 2027. More lines planned to support over 100 GW of solar manufacturing equipment.
Wall St Engine posted the deal on 10 November: a turnkey line for heterojunction (HJT) solar cells for SpaceX’s Starmind satellites in Bastrop, Texas, the first line due in the first half of 2027, and more lines planned to support over 100 GW of solar manufacturing equipment. Each of those points matches the Singulus release this piece is built on, which says production will scale to support more than 100 GW of production equipment.
SpaceX Is Also a Lender
The release says Singulus “entered a strategic partnership with SpaceX in March 2026” and that “SpaceX provided significant funding to SINGULUS in March 2026 and additionally in October 2026 as part of the recently announced subordinated secured loan”. A Reuters news brief headlined that Singulus secured a subordinated secured loan of approximately EUR 22.75 million; the release does not say how much of that came from SpaceX.
Singulus ended 2025 with €6.2 million of cash, its results release says. The €22.75 million loan is 3.7x that, by our arithmetic. In the first quarter of 2026, the company said, order intake rose to €28.8 million, 86% of its full-year 2025 order intake of €33.4 million, by our arithmetic.
On 27 March, Singulus said it had received “its first order, valued in the low double-digit million Euros”, from a technology partner it announced on 23 March. That release does not name the partner. If the order were €10 million, it would equal about 21% of 2025 revenue, by our arithmetic.
Why Solar Cells Matter Here
SpaceX is seeking 1 million orbital data center satellites, as we reported on 4 November. Satellites in orbit run on solar power, so a captive cell line in Bastrop puts one input of that plan under SpaceX’s own roof rather than an outside cell supplier’s, as we read it. On the ground, we reported today that the sector that includes data centers takes 64% of US power sales growth in EIA’s forecast.
The Structural Read
As we read it, SpaceX is both customer and financier here: the release says SpaceX funded Singulus in March and again in October, and the supplier’s whole 2025 revenue was €48.3 million. The release does not give the contract value or SpaceX’s share of the loan, so the size of that dependence is not established.
Mike Nicolls, Senior Vice President of Starlink, SpaceX, in the SINGULUS release, 10 Nov 2026
“The combination of their process expertise and our long-term commitment creates a durable option for scaling solar production.”
Three Implications
FOR SINGULUS Its 2026 revenue guidance of around €83.0 million is 1.72x 2025 revenue, by our arithmetic, and the release says it plans to deliver multiple additional lines to SpaceX.
FOR SPACEX Singulus said production will scale to support more than 100 GW of production equipment as SpaceX accelerates satellite manufacturing in Bastrop, Texas; no timeline was given.
FOR SOLAR EQUIPMENT BUYERS Lieberwirth described Singulus as aiming to be a leading Western provider of next-generation solar cell technology; the release names no other customers for the HJT lines.
The framework says: “Companies that solve the power equation will dominate the AI era; those that don’t will watch their chips sit idle.”
As we read it, a captive solar cell line is SpaceX’s answer to the power side of that equation for satellites it calls a supercompute constellation. The framework predates this contract and does not discuss SpaceX or Singulus.
What Is Not Established
The contract value, the number of lines SpaceX has committed to beyond the first, and the timeline for the more-than-100 GW figure are not disclosed. The release does not say how many cells SpaceX needs per satellite or how many Starmind satellites it plans. The amount of SpaceX’s share of the October loan is not stated.
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SpaceX has signed for a turnkey heterojunction solar cell line from Singulus, with the first line due in the first half of 2027 and more planned, Singulus said. The supplier had €48.3 million of revenue in 2025, and SpaceX has also funded it, according to its release. The contract value was not disclosed.
A note on sourcing. Contract terms and quotations come from SINGULUS TECHNOLOGIES’ release of 10 November 2026; revenue, cash and order figures from its 12 May 2026 results release and its 27 March 2026 release; the loan amount from a Reuters headline. Ratios are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
