Not really a big growth opportunity. operating telecomm satellites itself is a much bigger market than building them which is a bigger market than launching them and that is a bigger market than just providing the engines.
I assume by "operating telecomm satellites" you mean operating starlink? Last I read, SpaceX hoped to spin starlink out into a separate business, and even IPO it. So in the long run, it didn't seem like SpaceX wanted to count on the starlink market revenue. I'd be curious to hear that this is outdated/wrong now. It was interesting at the time because Musk has said he intends for SpaceX to stay private forever.
If you are staying private and want the flexibility that gives you, it makes sense to me to spin out and IPO successful businesses. That lets you convert private equity into public and leave your core business unencumbered with additional logistics.
