The fact that customers launching exceptionally expensive payloads (the US space force, for one) tend to demand new boosters is not consistent with this.

But even then, it doesn't change that the booster has a maximum lifespan and/or eventually increasing repair and therefore depreciation - we are working on an amortized basis.

They don't anymore. They actually require the use of flight proven boosters for important payloads now. Astronauts too are usually sent up with reused boosters, for safety.

We don't know what the maximum lifespan of these boosters are. There are workhorses that have over 20 launches under their belt, and no sign of deterioration. Obviously at some point something will give, but we're not there yet.

> The fact that customers launching exceptionally expensive payloads (the US space force, for one) tend to demand new boosters is not consistent with this.

That used to be true. It no longer is.