SpaceX dominates satellite internet with $11.4B in Starlink revenue and 63% EBITDA margins. But at $2.3 trillion the market is pricing in perfect execution across four businesses simultaneously — one of which is burning $9.5B a year. ARPU is declining, Amazon Leo launches this year, and the lockup structure rewards insiders for selling into strength. Fair value on fundamentals: $600-800B. Use the strength to trim.