[Zigurd]

Starlink and Falcon 9 are the most impressive technological achievements in their domains. But people are getting way ahead of themselves claiming that these are business successes. EBITDA is a metric you can defend when applied to software. That's because incremental sales have near zero cost. And you don't have to replace the satellite constellation every five years.

Similarly it is remarkable that you can land a booster that wasn't designed to do that. But can you actually refurbish and re-fly it for a meaningful savings? This is another instance where software accounting practices don't work when you're dealing with big expensive tangible objects like rocket engines.

SpaceX has been around for 20+ years. And they are still their own biggest customer for launch capacity by a very large margin. Where is the demand?