Normally support Paul’s takes, but this is a false equivalence on many levels. Reduction in launch costs ≠ reduction in launch prices. We have multiple paid for and manifested spacecraft on deck. Not only have launch prices not gone down, they’ve in fact gone up. SpaceX (implied here) is not in the business of reducing launch prices for anyone other than themselves evidenced clearly by F9. Plus, for a large constellation like what Starcloud and others propose, launch prices even in the worst (or best) case are a small fraction of the cost of the actual mission. I get pitch decks all the time from satellite companies looking for money. The narrative many have fed investors for the last 10 years pegging their secret sauce to dropping launch costs has not panned out. That doesn’t stop startups from spreading this narrative and investors being fooled, and is the real explanation why some space startups are so good at fundraising — they’re great storytellers and great at creating FOMO. There’s only one way here, and it’s brutal. You need to own launch. That’s why SpaceX works. Low margin business enables a high margin one.