[SpaceX's IPO filing shows](https://www.cnbc.com/2026/05/21/spacex-starlink-growth-profit-nasdaq-ipo.html) that Starlink is doing the heavy lifting on profitability while launch services remain margin-compressed. This is the institutional red flag: space launches are a recurring revenue business with predictable customers (DoD, NASA, commercial sats). Starlink is a venture-scale bet on global internet dominance that won't break even on a per-unit basis for years.

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