> This thesis hasn't played out much in the 10 years since Falcon landed in first 2015.
It did play out: there are many more launches today, it's 5x in 20 years. The 75% of SpaceX starlink launches (which account for nearly 50% of all launches) were quietly financed by their other launch customers, exactly because the real cost to launch dropped so much.
That doesn't mean you're wrong, but you do seem to forget that SpaceX, as its own customer, knows the number of launches is going to rise exponentially. They obviously choose to manufacture for where the market _will be_, while you don't see the market before its there. Which is good for them.
It did play out: there are many more launches today, it's 5x in 20 years. The 75% of SpaceX starlink launches (which account for nearly 50% of all launches) were quietly financed by their other launch customers, exactly because the real cost to launch dropped so much.
That doesn't mean you're wrong, but you do seem to forget that SpaceX, as its own customer, knows the number of launches is going to rise exponentially. They obviously choose to manufacture for where the market _will be_, while you don't see the market before its there. Which is good for them.