Before they get there they have how many satellites to build and launch? Before space link is profitable and cash positive all that cost has to off set by profit and positive cash flow. Looking at it from that perspective, the idea that this is some kind of fund raising exercise isn't to far fetched. Personally I doubt that SpaceX is cash positive and profitable as their funding rounds just match too nicely their losses if you assume that real SpaceX launch costs are somewhere near the commercial costs of their competition.
Honestly, I almost expected something like that after their capsule blew up.
The saddest element of both SpaceX and Tesla is that all the successes and cool stuff these companies do just gets drowned in all the Musk hype and BS. An I seriously doubt that it does any good.