The grift began a while ago - when "startups" like SpaceX started using EBITBDA to claim profitability on starlink. But the depreciation costs of LEO are substantial, and starlink satellites have an empirical MTBF of ~5.5 years.
And at a depreciation rate of 15-20%, that "D" term starts to get pretty expensive, pretty darn quick.
And at a depreciation rate of 15-20%, that "D" term starts to get pretty expensive, pretty darn quick.