> Telecommunications.. Can scale only so much. Starlink is cool. Compared to Iridium it's way way cheaper. But demand is .. modest? It seems to only beats fiber on the ground in special situations

It is not designed to compete with finer. Go somewhere truly remote and see how it’s changing the world very quickly. I’ve seen it first hand in Arctic Canada, Australia and North Africa. Before starlink the best they had was dialup. Now they video chat family and doctors, do school online and so much more. Easily a few billion people will use it.

You also forgot about AI data centres in orbit, on which SpaceX have pegged virtually all their valuation in.