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You're trying to justify SpaceX's valuation using Starlink, but it's clear from the S-1 that it makes up only for ~5% of SpaceX estimated TAM.

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Many people think their claimed TAM is total fiction, and attempting an actual realistic TAM relies far more heavily on starlink. From morningstar:

> Our base-case forecast entails $56 billion in revenue for Starlink in these niche and growth areas by 2035, representing about 45% of the identifiable market we’ve sized

source: https://www.morningstar.com/stocks/spacex-what-investors-nee...

> Many people think their claimed TAM is total fiction, and attempting an actual realistic TAM relies far more heavily on starlink.

Then either the TAM for Starlink is ~20x bigger than reported by SpaceX (I doubt they would downplay themselves in such a way) or the whole SpaceX TAM is ~5x smaller (much more realistic, if not more than that)

I think the TAM for both is reasonable (it's just generic "Enterprise" stuff, at the end of the day), but I think Starlink is better able to capture a larger portion of its TAM.

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