SpaceX has a very large fixed cost base, wages and facilities mostly, and an infinitesimally small variable cost for a rocket launch. Things like RP-1 fuel, cat

SpaceX has a very large fixed cost base, wages and facilities mostly, and an infinitesimally small variable cost for a rocket launch. Things like RP-1 fuel, catering, aluminum coil, actuators, valves, boards, wiring, connectors, airfares, hotels, taxis, etc. The upper stage construction line and launch facilities are fully amortized by now and from the outside seem like highly efficient operations. Given that their launch cadence has doubled since people started throwing around $25m estimates and fairing and first stage inspection and reuse is now routine it's probably a bit lower.