Gogo Inc. (GOGO): A Bear Case Theory 

We came across a bearish thesis on Gogo Inc. on The Bear Cave’s Substack by Edwin Dorsey. In this article, we will summarize the bulls’ thesis on GOGO. Gogo Inc.’s share was trading at $9.11 as of September 26th. GOGO’s trailing and forward P/E were 227.88 and 9.12 respectively according to Yahoo Finance.

Gogo Inc. (NASDAQ: GOGO — $1.64 billion) provides inflight internet to roughly 8,000 business jets, primarily in North America, and has long been viewed by value investors as a durable cash flow business with recurring revenues, strong customer lock-in, and growth potential in the underpenetrated business aviation connectivity market. Investors have also highlighted Gogo’s premium service, legacy relationships, apolitical stance, and ease of installation on smaller jets as advantages that could help it compete against SpaceX’s Starlink.

However, emerging evidence suggests the opposite: Starlink is rapidly gaining traction and expanding its footprint in business aviation, posing a significant competitive threat to Gogo. Starlink’s speed of integration and low-cost solutions are particularly compelling in the supersonic and hypersonic aircraft segments. In November 2024, Hermeus successfully integrated Starlink into its Quarterhorse aircraft prototype in just 17 days, while Boom Technology installed Starlink Mini on its supersonic jet in only 15 days, using consumer-focused equipment to deliver high-speed WiFi at supersonic velocities.

Boom further noted in January 2025 that this integration required less than $1,000 in equipment and was completed in two weeks, highlighting the accessibility and cost efficiency of Starlink Mini. By April 2025, Avionics Network began offering complete pilot kits for $1,250, enabling portable Starlink Mini installations. Starlink Mini provides pricing options like Business 20 GB at $2,000 per month and Business Unlimited at $10,000 per month, making it a competitive, low-cost alternative for business aviation connectivity. Widespread positive feedback from consumers and industry participants underscores Starlink’s growing adoption, suggesting that Gogo faces increasing pressure in a market that has historically been its stronghold.

Previously we covered a bullish thesis on Gogo Inc. (GOGO) by Crussian17 in April 2025, which highlighted HDX LEO satellite approval, the Satcom acquisition, strong business aviation market share, and hidden 5G catalysts. The company’s stock price has appreciated approximately 30% since our coverage. The thesis still stands as Gogo’s recurring revenues and operational synergies support long-term upside. Edwin Dorsey shares a contrarian view, emphasizing Starlink’s rapid adoption and low-cost, fast integration as a growing competitive threat.

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Disclosure: None.