In its S-1, SpaceX flagged that a single debris-generating collision could cascade into unusable orbits and hit the business hard - while Starlink already holds two-thirds of active satellites and crash-clock margins have collapsed from months to days.

With two-thirds of active satellites already Starlink, a crash clock measured in days, and filings for up to a million more craft, the company’s own IPO risk language says a debris cascade could wipe out the shell that runs the internet.