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How SpaceX Uses a Secret Launch Subsidy to Make Starlink Look Insanely Profitable
The Motley Fool·
SpaceX's Starlink division appears highly profitable with $4.4 billion in operating profit, but this is artificially inflated by an internal subsidy where the Space (rockets) division charges Starlink $0 for launches while charging external customers $102 million per launch. Of 170 launches in 2025, only 43 were charged to external customers. This accounting approach defers costs through satellite depreciation over five years, front-loading Connectivity profits while depressing Space division revenue and masking the true profitability picture.
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