[mamonster]

>Real jewels aren't trying to grow into a shrinking TAM

Why do you think TAM is shrinking? It's pretty clear, to me at least, that Starlink is basically one of a kind military contractor that has a freeway to both raise prices and expand offerings.

Civilian market sure, but it's pretty clear the milltech path is going to be a money printer for satellites and it looks like you have a clear moat (i.e European sattelite companies won't be able to bid on those contracts).