The elephant in the Starlink business model room is the fact that terrestrial wireless keeps getting cheaper and faster. To be a good Starlink customer you need to be prosperous enough to afford it, while being far enough away from an urban center to have little or no chance of being served by terrestrial wireless services.

That's a very special TAM to begin with, and the harsh part is that it shrinks over time.

The vast majority of that market is too poor to afford Starlink and as soon as they're not, their top priority will be to invest the capex to replace it with the vastly superior terrestrial modalities.