StarLink is the right out of the book case for VC investment. One should expect several years before it gets profitable, and with very large initial investment. It's also very difficult to replicate, so whatever market there is there is a high likelihood for it to capture.

That means that it should be judged like a startup. Did it demonstrate a market? If so, it's valuable, if not, it's not. Current cash flow isn't very relevant.

Starlink is likely roughly break even launching on Falcon 9. The latest $137B valuation is likely predicated on Starship working as expected.