There is an accounting explanation for this (boring as it sounds). Stock analysts (who don’t want to use their brains too much) often use “EBITDA” (earnings before interest, tax, depreciation and amortization) to compare companies. The reasoning is that those items can often be used in “creative” ways to make a company look better than it is so strip them out before comparing.
Starlink sats are launched into a decaying orbit so after something like 5 years they burn up and need to be replaced. It is very flattering to SpaceX’s financials to launch lots of satellites if you look at it from an EBITDA point of view because it basically looks like they have a lot of recurring earnings even though 20% per year has to be amortized because it burns up in the atmosphere.