As tens of thousands of Australians line up to buy shares in Elon Musk's SpaceX blockbuster public offering, Australian government officials are privately flagging the risks posed by the country's growing reliance on its satellite internet service, Starlink.

It’s off to the races for the Musk believers, who appreciate that no matter how many times his big promises have not been met, some of them have.

The company's valuation exceeds most other mega-caps, and the economics around its xAI platform and technologies like orbital data centres are uncertain, Morningstar analysts…