In short: Per Stockman: ~$11B sales, ~$3B FCF, maybe worth ~$75B at 25× — but a satellite over a dense city gets overwhelmed past the first ~1,000 users, so the addressable market is fixed and it's a "melting ice cube" as 5G→6G/broadband advance. He wouldn't even pay 25×. So where's the other ~$1.925T of the $2T cap?
6:38It's provable. But that's not what people want. People, as Munger said, the problem with most people and why big reason why they're unsuccessful is because they want to get rich quick. So here's what Stockman says. He says, "Well, here's some math. Starlink is a profitable business with about 11 billion of sales and 3 billion of free cash flow." Yeah, that's true.
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