SpaceX’s prized Starlink satellite business is still burning through more cash than it brings in.

People familiar with the finances of one of the world’s most valuable private companies say Starlink has — at times — lost hundreds of dollars on each of the millions of ground terminals it ships, casting doubt on claims by Chief Executive Officer Elon Musk and the company’s top brass that the business is in "profitable territory.”

Starlink, which provides space-based internet service to more than 2.6 million customers, often strips out the hefty cost of sending its satellites into space to make the non-public numbers look better to investors, these people said, asking not to be identified discussing private information.