Serious question for the SpaceX bulls
I’m genuinely trying to understand the bull case, not argue.
At a potential $1.5T+ valuation, what is the actual revenue and profit path that gets SpaceX there?
My hesitation is that the core Starlink thesis seems somewhat self-limiting. The original value proposition is providing internet where traditional broadband isn’t available, but many of those underserved regions also have lower purchasing power. If customers can’t afford conventional broadband today, why should we assume they’ll become highly profitable Starlink subscribers tomorrow?
Beyond that, Starlink’s highest-value customers appear to be airlines, cruise ships, governments, militaries, and remote enterprises. Those are valuable markets, but are they truly large enough to support a valuation that would place SpaceX among the most valuable companies in the world?
For context, companies worth $1T-$3T typically generate tens or even hundreds of billions in annual profit and hundreds of billions in revenue. What specific revenue streams do SpaceX bulls believe can realistically scale to that level?