> It's just opex for each launch at this point.

Almost...the 2nd stage is one use only. I saw a post on Reddit that estimated that each 2nd stage costs SpaceX about $10M...which is peanuts.

There was an internal SpaceX presentation video which was leaked to r/SpaceX that stated their launch cost to be $30 million per launch. The video was taken down later that day, but that's the currently best known number for how much a fully loaded reusable Falcon 9 launch costs.

Thanks for the reference, I missed that.

I know one way or another that SpaceX's internal launch costs are a lot lower than the others. Good stuff.

They're not amortizing the costs of the rockets over the launches? I thought that was the whole point of making them reusable in the first place.

The first launch of a Falcon9 pays for the rocket in full (manufacturing costs, not development costs).

If you buy a laptop to build software on, you can pay for the laptop with what you earn in a year, but that doesn't stop you amortising the cost over three. (It just increases your year one profit at the expense of years two and three, making the books more consistent.)