In 2024 66% of their launches were for Starlink. So it’s not quite correct to suggest there’s a vibrant external market for their product, a lot of it is sort of self dealing.
> it’s not quite correct to suggest there’s a vibrant external market for their product
There is a very large demand for launch services. SpaceX balances launching customers and launching Starlink. It's not like they give every launch slot to customers and then launches Starlink whenever there's an opening they couldn't fill.
This is missing the point of their valuation. SpaceX will internally use their launch capabilities to build industries that no one else can. Starlink is already their main revenue stream. Starship will open up new realms of possibilities.
It's not like they're subsidizing some experimental internal project. Starlink is the majority of their profits and growing fast.