Even starlink only makes sense if you ignore the absolutely immense capital investment in it. And they're probably hiding losses in the launch division considering it's losing money despite 80% of its business being launching starlink satellites (they blame starship but that was supposed to be funded by NASA).
They are paying for HLS.
You can't (according to old space companies) build a lunar lander and its launch system for under $10B
The S1 says they SpaceX is providing launch to Starlink at cost. ~$20MM per Tim Farrar and Lionett Pierre. Two industry analysts.
So is the nuclear reactor business but at least with that you gain independence from Iran whereas the satellite dog business gives you independence from the tyrant T-mobile or Verizon...