SpaceX is _not_ profitable by most reasonable measurements of accounting. If you discount rocket depreciation costs and R&D, then yeah its profitable from starlink revenue.
It is less about profitability and more about dilution of ownership. He seems to have a pattern of diluting the ownership of his profitable companies by folding in his less profitable/failed companies. You still own a share of a profitable company, but a smaller share, to his benefit.
How much of that profit was due to public subsidies of the sort that he killed for other companies but not for himself during his tenure as a special government employee?
just because a bunch of rockets went up without blowing up, does not mean they are profitable. it cost money to shot rocket, and it is very expensive, reusable or not. most launches are internal launch without external paying customers.
