You're trying to justify SpaceX's valuation using Starlink, but it's clear from the S-1 that it makes up only for ~5% of SpaceX estimated TAM.

Many people think their claimed TAM is total fiction, and attempting an actual realistic TAM relies far more heavily on starlink. From morningstar:

> Our base-case forecast entails $56 billion in revenue for Starlink in these niche and growth areas by 2035, representing about 45% of the identifiable market we’ve sized

source: https://www.morningstar.com/stocks/spacex-what-investors-nee...