That's the total picture of SpaceX, right. Does SpaceX as a whole make financial sense? No. Everyone knows the SpaceX "value story": AI means that a company that makes a minus 5 billion per year really makes plus 200 billion per year! IN SPACE! But, uh, about those Space parts? Surely those are cashflow positive ... right? RIGHT?
Well, no.
SpaceX it is the 50th or so rocket company. The previous ones did not fail because they couldn't get rockets working or couldn't improve on the state of the art in rocketry. The ones not supported by nation-states failed because they couldn't get the financials working. To be fair some of them failed because they couldn't get to earth orbit. But that's not the common case. More common: "New rocket type works! We demonstrated it succesfully! No launches ... so no money. We're publishing our work and shutting down. Bye". Irritatingly quite a few of these new rocket companies are theoretically more efficient than SpaceX will ever be. Also irritatingly most of these companies, through financial necessity, demonstrated a working rocket in one try, in contrast to SpaceX.
(my favorite? Aerospike nozzles. Aside from their great "Wiley E. Coyote" potential should launch fail they look absolutely incredible)
Did Space part of SpaceX get the financials working? No. Not even with Starlink (their debt repayments still drag it into the negative). What is their fix for too small a market? Make Spaceship, an even bigger rocket ... for a market that sees no use for the existing Falcon 9 launch capacity ...
Starlink: same. It's not even the 10th satellite internet company. The previous ones all failed, because the market was too small, and had to be bailed out by nation states, famously Iridium. Did Starlink solve the financials? No.
The most irritating bit of this is of course Elon Musk himself. Why did he succeed? Well he keeps mentioning himself and "starting from first principles". As illustrated above: he started from first principles, he failed (private, ie. profitable access to earth orbit? SpaceX doesn't do that), then he got incredible amounts of money somewhere to pour down a black hole (using artificial demand like Starlink) and so everything is still moving. Obviously Elon Musk's achievement is 100% finding this money and 0% practicing science from first principles".
That's also Elon Musk's great redeeming quality. What's his achievement? Convincing, first himself, then humanity, or at least enough humans to get ~300 billion in cash, that Space exploration is worth doing despite the fact that it's unprofitable. The actual technical Space exploration side he ... frankly didn't do particularly well, though well enough that it (eventually) worked. But the result is still fantastic: we're in space far more than before!