What do you mean by profitable? You seem to be using the definition of cash-flow-positive, or something like that. Taking a loan, or investment, does not sudde

What do you mean by profitable? You seem to be using the definition of cash-flow-positive, or something like that. Taking a loan, or investment, does not suddenly make a company unprofitable, that would be a silly way of looking at the world. I don't have any figures for SpaceX, but I suspect the amount of cash they've be able to raise relates directly to the expected future value of the company. That they're able to launch 60 satellites at once for a fraction of the cost of other launch companies probably helps. Part of the reason I asked what you meant by profitable is that you seem to be conflating operating and capital expenses. From the perspective of the 'launch-arm' of SpaceX, launch costs are operational expenses and profitability analysis will typically balance that against payment for the service provided. From the perspective of the 'starlink-arm' of SpaceX, launch costs are capital expenses and should be accounted for by depreciating the cost over the life of the asset (the satellites). If you want to look at the profitability across the entire business then you have to be very specific about what you're measuring, and clear what you mean when you say profitable - at least if you want your analysis to be useful.