Why Starlink — not Starship — is the real anchor of the SPCX valuation

Everyone stares at Starship, but Starlink is the foundation: over 5 million subscribers worldwide, steadily improving cash flow, and one of the very few profitable space companies on the planet. Since the IPO, Starlink's expansion has not slowed, and the business accounts for more than 60% of revenue. SpaceX dominates the launch market — reusable multi-satellite deployment keeps costs at levels competitors cannot match. On valuation, the company is worth about $1.95 trillion with a rich forward P/E, but the market rewards growth here.