A simple view of SpaceX is that it’s a low-cost rocket launcher that created the profitable Starlink satellite business and which is now burning cash to build orbital data centers and colonize Mars. Starlink doesn’t have the lead role in SpaceX’s $1.8 trillion initial public offering. But it is the real business inside the company, and the telecoms industry and its regulators can ill afford to be complacent about the disruptive threat it poses.
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