The entire space launch market is about $20B with multiple competitors in 2025. And by the most generous estimates it is going to be $80B by 2035. They can reuse the rockets as much as they like, the company isn’t worth $1.7T.

They also have to replace 20%+ of their satellite network every year.

What about the R&D costs of blowing up vehicle after vehicle?

Depreciation isn't the only thing that matters. R&D, manufacturing, maintenance, fuel, launch, support staff, and I'm sure there are countless others.

I'm not saying they aren't profitable. I don't know, but it's definitely not a given.