SpaceX has piled up more than $8 billion in US military satellite orders, and that is good news for Taiwan's Compeq, the main circuit board supplier for Starlink.

• Looser rules under Trump have let SpaceX win a stack of defense satellite contracts, giving Starlink a new source of cash.
• Compeq makes 90% of the boards inside SpaceX satellites, so satellite work should jump from a fifth of its sales to about a quarter this year.
• The new Starlink V3 satellites need better boards and more of them, so Compeq gets both higher prices and bigger orders.
• Material shortages held back shipments early in the year, but suppliers have added capacity and that bottleneck is easing.
• Compeq is also pushing into boards for the optical parts used in AI data centers, with new production lines in Taiwan and Chongqing.

Outlook: V3 satellites start going up in the second half, and Compeq expects profit margins to improve each quarter as both satellite and AI orders ramp.