Recent reports have raised questions about the profitability of Elon Musk's Starlink, SpaceX's satellite business. Despite claims from SpaceX that Starlink is in 'profitable territory,' insiders familiar with the company's finances suggest otherwise. Critics argue that SpaceX's accounting practices, particularly the omission of the significant costs associated with launching satellites, are designed to make the business appear more profitable to investors than it may truly be. This has led to a debate over the true financial status of one of the world's most valuable private companies, with some suggesting that the business is still burning through more cash than it generates. An exclusive run-through of the company's financials shows that the bulk of past R&D costs, which totaled $661 million in 2019 alone, were dedicated to Starlink and Starship programs.