Later: “The document also shows the Starlink subsidiary registered a net income of only $72.7 million for 2024. The year prior, the subsidiary incurred a net loss of $30.7 million. However, the financial statement notes the subsidiary purchased nearly $2.3 billion in Starlink hardware and services from the SpaceX parent last year.”

Those figures, to my understanding, include cost of services and launch in COGS.