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Starlink has only had one profitable year ($70m total), and that’s only if you exclude the cost of rocket launches and only count selling end user hardware and subscriptions.
Literally almost the entire infrastructure of Starlink has to be “rebuilt” every 8 -10 years, because that’s how long their latest generation (v3) satellites last in average before they deorbit due to the air drag at low orbit or their electronics fail due to the higher radiation in Earth’s orbit
Their business model hasn’t even been proven to be profitable outside niche markets where they’re the only solution for Internet and there are enough people/companies who can afford and are willing to pay a big enough premium for that service that it offsets Starlink’s costs of having to manufacture and launching replacement for their satellites, all of which invariably die after about 10 years.
The whole scheme is a shitshow of one company propping up another with fake revenues and profits.
Or
If people are stupid enough to invest without understanding valuation, then they deserve poverty.