SpaceX makes sense as a business in the way a mega-yacht makes sense as a ship. The valuation was set by a vanity investment by the Saudi sovereign wealth fund. 2.7 million subscribers can't keep 4500 satellites in orbit and replaced every 5 years. It is a prestige investment.
SpaceX is cash flow positive despite spending multiple billions each year on Starship and Starlink. The only way this is possible is if Starlink is profitable, and significantly so.
If you assume a very conservative $100/m subscription for every Starlink customer, they're making $3.6B a year already and it seems like they can do a lot more capacity.
Edit: just googled and they're predicting $6.6B in revenue for 2024.
