$10M per launch. By comparison, Starlink has had over 100 launches:
https://en.wikipedia.org/wiki/List_of_Starlink_and_Starshiel...
AT&T doing the same number of launches would generate over $1B in profit.
And again, Starlink is already competing with land-based cellular networks, and so would AT&T. So the bulk of the AT&T satellite customers could come at the expense of other land-based cellular networks rather than Starlink -- Starlink has ~2M users compared to >140M for Verizon Wireless (much less carriers in other countries), so who are they really competing with?
A year ago I would've agreed with you, but Starlink's revenue is up 600% YoY. There's enough money in Starlink for SpaceX to not risk it.
The problem of using a purely profit oriented analysis is that you missed major pieces of the puzzle. Antitrust action would be one reason that you neglected. Another reason is SpaceX's mission, which is the colonization of Mars. To do that, SpaceX need to help bootstrap an entire space economy from scratch to make colonization more than a pipe dream.
1. https://www.cnbc.com/2022/03/23/spacex-raises-prices-for-lau...
A year ago I would've agreed with you, but Starlink's revenue is up 600% YoY. There's enough money in Starlink for SpaceX to not risk it.
I don't know why they allow it. Perhaps a sign of good faith to keep regulators off their backs?