The cadence point is understated. SpaceX launched 130+ times in 2025. The next closest was around 15. That's not a gap that closes in 2-3 years even with heavy subsidies, because it's not just the rocket, you need to account for the operational framework of doing it every 3 days.

the cadence is very important, but I don't think the operational framework is much of a moat (not having reusability and/or actual demand is a bigger obstacle to overcome). SpaceX went from 30 to >130 between 2021 and 2024, launching most of the satellites currently in orbit in the process.

You don't do that without pre-planning or being very very good at what you do, but most of the competition (including those that will fail) is targeting that. They don't need to scale as big or as fast as SpaceX to deliver enough comms satellites to orbit to kill any hopes of Starlink becoming a permanent low-latency connectivity monopolist. Plus of course most competitors in the connectivity space are able to spend a fraction of their overall hardware budget launching on SpaceX...