> $18.7B revenue in 2025. Starlink alone was $11.4B

But ... you do realize how you have to use those numbers right? SpaceX owns Starlink. So let's do some basic accounting.

For ease of calculation I call upon the Math Gods to change $11.4B to $12B.

SPCX -> Starlink $12B

Starlink -> SPCX $12B

SPCX uses 50% more than that amount to launch the rockets (because SPCX has a negative margin (if you include debt service + research), after with 50% SPCX would have less than $5B loss). Hence:

SPCX -> $18B (to whatever SPCX does to build rockets)

In other words: your fabulous "Starlink alone was $11.4B" really means SpaceX lost $18B (a bit less) and gained starlink shares, which it already owned ... in other words: that revenue represents a $18B loss for the company.

This is the same problem people have with AI spending, but there the math is 100x more complicated.