

Literally almost the entire infrastructure of Starlink has to be “rebuilt” every 8 -10 years, because that’s how long their latest generation (v3) satellites last in average before they deorbit due to the air drag at low orbit or their electronics fail due to the higher radiation in Earth’s orbit
Their business model hasn’t even been proven to be profitable outside niche markets where they’re the only solution for Internet and there are enough people/companies who can afford and are willing to pay a big enough premium for that service that it offsets Starlink’s costs of having to manufacture and launching replacement for their satellites, all of which invariably die after about 10 years.









You can get infinite Revenue by giving everybody $2 if they give you $1 dollar.
Such a company could proudly claim to have 1 billion sales and $1 billion dollars in revenue whilst not mentioning the “small detail” that they took $1 billion in losses to make those sales - which is pretty much what you’re doing there for SpaceX.
When judging an investment, which is what we’re doing here when talking about their IPO, what maters is profit, not revenue.