The report you're probably basing this claim on says $600 million FCF, and that is an estimate for 2024. The same report assumes an 80% revenue growth in 2024 compared to 2023. But it's hard to estimate how much their market will actually grow, especially as they've lost the broadband subsidies from the US government.
And the market price of launching the 6528 satellites that they launched is around 11.3 billion dollars (67 million dollars per Falcon 9 launch, 169 launches). Assuming this is more or less the density of satellites they will maintain, that amounts to 3.7 billion per year just in constellation maintenance costs (to which we should add peering costs, personnel, ground station costs, etc). It's really not an easy business to maintain, unless it really does grow massively, and in a distributed manner (since lots of people in a small area will compete for bandwidth).
Which is why they need the big f-g rocket to work - the business really starts printing cash if you can reduce cost to orbit per bird by 90%. Without it it’s dicey when competitors get their act together.
And the market price of launching the 6528 satellites that they launched is around 11.3 billion dollars (67 million dollars per Falcon 9 launch, 169 launches). Assuming this is more or less the density of satellites they will maintain, that amounts to 3.7 billion per year just in constellation maintenance costs (to which we should add peering costs, personnel, ground station costs, etc). It's really not an easy business to maintain, unless it really does grow massively, and in a distributed manner (since lots of people in a small area will compete for bandwidth).