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I believe that YOU are a botI don't believe you were a bot, but there were one or two phrasings that gave me pause. (If I believed you had written that with AI, I'd have just asked that and not bothered engaging.)
> v1 constellation was completed in 2021, and decommissioned from 2024. v2 deployed from 2023, but the sat-to-sat communication is not working, so all of them, will need to be replaced by v3, too
Fair enough. $3.6mm on $2mm--assuming $100,000 per month revenue and $2mm paid up front, which is unrealistically conservative--yields a 22% annualised. Take that out to the increasingly-attained design life of 5 years and it jumps to 25%. To put it bluntly, these are both incredibly high telecom returns.
You've already incorporated launch, maintenance, disposal, et cetera in TCO. So the remainder is customer service (usually 5 to 10% of revenue) and cost of capital. Even assuming 10% WACC, which is on the upper end for a leveraged telecom play, we're still comfortably generating excess return.
Where the comparison fall apart is in respect of fibre. Laying physical infrastructure is hard. You have long periods between capital outlay and return. Also, you have to right scale up front--you can't just launch more birds in a few months as demand scales (or hold them back if it doesn't).
You're not going to replace fibre with Starlink. But the economic case for the latter doesn't fall apart with 20%+ operating returns.