Comment Re:They have to keep sending them up (Score 1) 88
While I'm with you almost on every point I would caution very strongly against taking any financial statements at face value. Elon is an expert at moving money around to try and make businesses look good, and one of his favourite ways of doing so is to get the insanely profitable SpaceX to pay for everything. The Starlink division reports very high operating profit as they do not pay any funds beyond consumables for launches with SpaceX. They pay a tiny portion of the market price and SpaceX gets to bury the costs in their balance sheet. Kind of like how SpaceX also bought a whole lot of Cybertrucks at full retail cost when Tesla was sold with unused inventory.
To be clear I still think Starlink is profitable as a business (there's a reason competitors are trying to get into this space too), but their total net income figure is a fantasy afforded to it by clever accounting.