Starlink itself is profitable but the insane valuation they're trying to get for the IPO is based on an assumed continued massive growth of users - and even then I don't think Starlink by itself makes SpaceX a trillion dollar company.

If Musk personally wasn't completely toxic worldwide, and if there wasn't all the other new space companies noticing the Egg of Columbus* that is cheap rockets and the potential for comm sat constellations that launch prices enable, I could believe 100e6 people would buy a $50/month service. A common rating for valuation is profit over 20 years, that revenue (not profit, IDK the margin) would be $1.2T.

* Egg of Columbus: https://en.wikipedia.org/wiki/Egg_of_Columbus

Many seem to also be doing this with androids around the time he started talking about them, hence how we can buy them and put them to work even though Optimus still hasn't launched yet.