2 - A lot of Starlink income currently is from selling terminals, which is a very finite market.

3 - Nobody can actually check these numbers, since they’re not public.

Excellent points.

I am less convinced by your first point. While they haven’t had many satellites reach end-of-life yet, they certainly haven’t slowed their pace of Starlink launches. Are the cost of these launches factored into the FCF calculation? (I know very little about economics)

Also, they will likely want to switch Starlink launches over to Starship as soon as possible, as that will allow them to launch more, larger satellites (v3) for cheaper. If they can have positive cash flow while they are still building out the constellation using a (relatively) expensive launch vehicle, would that not bode well for long-term profitability?