So far, results show that Starlink users can expect internet download speeds of anywhere from 11 megabits per second (Mbps) to 60 Mbps, and upload speeds of 5 Mbps to 18 Mbps. At best, those numbers are just 6% of the 1 gig (1 Gbps) speeds the FCC wants to be able to promise under RDOF. But considering that Starlink is still only 80% of the way to having enough sats for "moderate" capability, it's still impressive. (And as Ars notes, even 60 Mbps is much faster internet than many rural customers are able to access today.)
Perhaps more importantly, SpaceX and Starlink seem to have cleared the FCC's bar for competing in the RDOF contest. If you recall, the FCC was skeptical of SpaceX's ability to provide sub-100 lag speeds from space, and promised to apply "very close scrutiny" to SpaceX's performance. Ars, however, says Starlink is delivering ping rates of anywhere from 94 ms (already below 100) all the way down to just 31 ms.
What comes next
As far as qualifying to compete for RDOF and the FCC's $16 billion, this looks very much like "mission accomplished" for SpaceX. Going forward, the company will be aiming to drive its lag rate down below 20 ms, while boosting its internet download speed toward 1 Gbps. And over time, SpaceX hopes that these levels of performance will win it as many as 5 million broadband satellite internet customers in the U.S. At a rumored monthly service cost of $80, times 12 months in a year, Starlink therefore looks to be building toward a $4.8 billion annual revenue stream for SpaceX.
When you consider that it would take SpaceX launching nearly 80 rockets a year at a launch cost of $62 million apiece to generate similar revenue from space launch, it's easy to see how Starlink could soon become SpaceX's primary revenue driver — and a great candidate for an IPO.