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Depreciation isn't the only thing that matters. R&D, manufacturing, maintenance, fuel, launch, support staff, and I'm sure there are countless others.

I'm not saying they aren't profitable. I don't know, but it's definitely not a given.

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They did report FCF before xai and also invested at least $1B before they merged xai

Given that it's one Musk company giving a mountain of money to another, and the only numbers floating around regarding SpaceX seem like marketing fluff, I don't think any meaningful conclusions can be reached until we get some real numbers giving a full look at the finances.

We have real numbers for both the launch and Internet business.

We know how much was spent by Xai too.

You can wait for Godot if you wish.

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