But but SpaceX is the good one! Don't besmirch Spacex! Reusable Rockets!
SpaceX's Starlink falls short of growth expectations despite revenue surge - WSJ
SpaceX's satellite internet venture Starlink posted a more than six-fold surge in revenue last year to $1.4 billion, but fell short of targets set by CEO Elon Musk
"SpaceX has met or exceeded revenue projections over the past three years, other people familiar with the company’s balance sheet say"
- WSJ really softballed this report. What a weird claim to frame this, given that we know Starlink is extremely not living up to revenue projections ... $1.4b in '22, instead of $12b projected.
- "All the major airlines have spurned [Starlink] in favor of sticking with established Wi-Fi providers... Analysts say SpaceX doesn’t provide the long-term contracts and exclusivity that corporate clients often want... For Delta, the memory of a failed 2022 demonstration still hasn’t faded".
- Pretty sure every major business fraud case in my lifetime has this “the accounting is more art than science” line in the first half of the documentary.
Shocked that investors let Musk get away with not accounting for "incidental" costs like launches, ground infrastructure costs, etc. when getting pitches about Starlink profitability.
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