A simple view of SpaceX is that it’s a low-cost rocket launcher that created the profitable Starlink satellite business and is now burning cash to build orbital data centres and colonise Mars.Starlink doesn’t have the lead role in SpaceX’s $US1.8 trillion ($2.5 trillion) initial public offering. But it is the real business inside the company, and the telecoms industry and its regulators can ill afford to be complacent about the disruptive threat it poses.Bloomberg OpinionSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles