As others have pointed out already in this thread: No serious analyst and not even Starlink themselves have claimed to be profitable. They have claimed to be operationally profitable. This means that the cost of operating the sats is lower than the revenue they make. It does leave out all other cost. Yes, if they could build and launch the Sats for free instead of ~$2 million per piece, that could be a profitable business.
Also, have you actually used Starlink? It's crap. Yes, in 2023 when they did not have customers you got decent speeds. Now it's completely overbooked. Yes, you can make a year of profits milking existing customers.
Google "Starlink benchmark" or "Starlink feedback" etc and you will see things like these:
Yes, for example, via a battery-operated "Mini" terminal a month or so ago in extreme rural Finland, ~1km from the Russian border, while photographing wolves & bears.
As others have pointed out already in this thread: No serious analyst and not even Starlink themselves have claimed to be profitable. They have claimed to be operationally profitable. This means that the cost of operating the sats is lower than the revenue they make. It does leave out all other cost. Yes, if they could build and launch the Sats for free instead of ~$2 million per piece, that could be a profitable business.
Also, have you actually used Starlink? It's crap. Yes, in 2023 when they did not have customers you got decent speeds. Now it's completely overbooked. Yes, you can make a year of profits milking existing customers.
Google "Starlink benchmark" or "Starlink feedback" etc and you will see things like these:
https://www.trustpilot.com/review/starlink.com
At this point Starlink's active customer base is rating their service to be worse than... cancer, I guess?