Launch service makes billions in losses and the Chinese have now the same technology. The only cash cow they have is Starlink.

If you read the IPO prospectus, none of theses things is were the money is supposed to be earned in the future. The money comes from the 3rd pillar, AI. Again AI is the biggest loss maker they have.

I would not invest in their launch services, nor in their AI. But I would invest in StarLink if they spun it off and if it were decently priced.