[sdifognoinio]

I think another factor many people neglect is that SpaceX benefits from economies of scale. SpaceX launches very large rockets and launches them very often. Large rockets and a regular cadence are both known to reduce the cost per ton to orbit. SpaceX has the ability to put a whole lot of tonnage in orbit and this immense capacity means they can do it cheaply.

However, this only works if there is enough demand to use all their capacity. At the moment this demand simply does not exist. SpaceX manufactures its own demand. The majority of its capacity goes to launching its own satellites. This lets it keep its cadence, but literally burns the company's own resources to do so.

Whether or not you think Starlink makes any sense in the long run, at the moment it is losing money hand over fist. It serves as an indirect subsidy for SpaceX's other customers.