[panick21_]

Not really questionable. They are building Starship, Starship infrastructure, new factories for Starlink, upgrading existing factories, designing new Starlink version, deploying Starlink ground infrastructure, selling Starlink terminals at negative mergin, at a are developing Raptor v3 and commissioning the factory for it. And of course most of those launches are for Starlink so they don't really produce profit.

And while they raised a lot of money, it isn't actually that much. If they had 0 or negative margin on launches the company wouldn't be nearly sustainable.

That they made any profit at all is a damn miracle.

> Granted maybe there's some marginal benefits, eg launching n+1 rockets is cheaper per rocket than launching n rockets

There very clearly is. Every launch company has talked about this. The fixed cost for infrastructure, boats, launch teams and so on is absolutely huge. That is why so many New Space companies bet their company on launching often.

At the same time SpaceX is now recovering fairing on almost all launches. Landings have been perfect. Development is done. And Fixed cost are distributed over a whole lot of launches. They can now fly the newer cores 15-20 times.

The Upper Stage is the biggest cost, people estimate it between 5-15M. And then 10-20M in fixed cost, labor and recovery hardware amortisation. I think it can't really be more then 35M, I would guess less.