Yes. But Tesla turned it into a competition between a company that invests in real estate and a company that operates highly profitable stores on the real estat

Yes. But Tesla turned it into a competition between a company that invests in real estate and a company that operates highly profitable stores on the real estate. The product they sell is a highly complex product that took half a decade of development and substantial upfront investment in technology and organization. The difference here is that SES has to get up front investment to buy productive asset that could then make money. The never had to do a huge up front investment in technology, including a whole butt-load of very complex very unique hardware and software. And that's not enough, because the terminals are just as big a part of having a functional LEO platform as the sats are. And that again requires a very complex development and a very large upfront investment in production. Literally non of this stuff, neither the rocket, nor the sats, nor the operations, nor the terminals are a commodity in any sense. You can go to a space company and ask to buy some propulsion for such a sat, no problem. But if you tell them 'we would like to buy 5000' your gone get back blank stares. Nobody just has something like that just laying around. And then you go down the line of every single part on the sat, no provider actually has the capabilities you need, and your gone have to get involved with financing all of that at least partially.