They aren't in the black at all, let alone "insanely" so. Maybe if they just did commercial launches on falcon 9, but instead they've been shoveling those "huge margins" straight back into r&d on starship etc.

So they’re playing the long game, building a moat, creating lasting value with the cash surplus, just like Jeff Bezos did.

If anything this should make you more bullish.

The Falcon launch business is profitable on its own, which may be what GP meant. Once you include the ~$3 billion in Starship yearly R&D the space segment goes into the red.

It is what I meant. SpaceX has strong division between its operational and R&D arms, and Falcon launch has been insanely profitable from the first F9, even before reuse dropped their costs like a rock. They just invest those operating profits back into the company.