That's interesting, I thought SpaceX was cheaper than even the Russian launch vehicles. By the way, are insurance costs taken into consideration? (Although the proper insurance rate might be difficult to estimate for SpaceX since they don't have that many launches behind them).
The cost of a SpaceX launch reflects not only manufacturing costs but also the cost of development. The cost of a Proton launch (and similarly for other low cost ICBM based Russian launchers) doesn't reflect the developmment cost because it was designed a long time ago and borne by the russian government. The true cost of a Proton launch is much higher than what a user would pay to International Launch Services.
The true cost is adequate because there was a very large number of total launches (around 400). What is the reason for launching a rocket if it leads to a loss.
