They are generating lots of money with current launches, but are designing a next generation rocket. Rocket programs are expensive.
The best comparison for the rocket that Musk is building for Mars is to SLS. Per https://techcrunch.com/2020/03/11/nasas-sls-moon-rocket-is-2... we've spent over $17 billion on the SLS program so far, and it probably isn't as far along as Musk's SuperHeavy/Starship is.
Admittedly Musk is doing his rocket development for cheaper. A lot cheaper. But the baseline for what rocket development "should" cost is more than SpaceX has received in revenue, total, through all of its history. (Not profit, revenue. Nobody knows what its profit margin is. But given that SpaceX routinely launches at prices below what its competitors can afford, they probably aren't rich.)
The best comparison for the rocket that Musk is building for Mars is to SLS. Per https://techcrunch.com/2020/03/11/nasas-sls-moon-rocket-is-2... we've spent over $17 billion on the SLS program so far, and it probably isn't as far along as Musk's SuperHeavy/Starship is.
Admittedly Musk is doing his rocket development for cheaper. A lot cheaper. But the baseline for what rocket development "should" cost is more than SpaceX has received in revenue, total, through all of its history. (Not profit, revenue. Nobody knows what its profit margin is. But given that SpaceX routinely launches at prices below what its competitors can afford, they probably aren't rich.)