Yes but at this point the upper stage is barely a spaceship. Mostly an empty shell. And they have spent $10 billion so far on something that barely flies.

R&D and prototyping is an up-front expense. Amortization over many units spreads out the costs to long term profitability. Does SpaceX have that kind of time, though? A prospective global depression would dry up the capital for funding Starship development.