I am not looking at the "pure" numbers, and many investors do not, they look at potential. They look at what the possibilities are. If you believe that space will be a significant part of the economy in 20 years, and that SpaceX will be a large participant, the current numbers do not mean a lot, this is not a large established company in a static industry. In 20 years the market cap of just the US could very well be $200T, if space is only 10% of that, there is $20T of valuation for space, and that is just US.

Google when it ipo'd about 20 years ago had a market cap of $23B. It is now close to $5T. Even if it went over 10x overvalued at $230B when it ipo'd, it would still have been a good investment. That is because the internet became a large part of our economy, and Google is a major player.

If you really want to compare the two, Google had a market cap/revenue of $2B/$2.7B, SpaceX is currently $1.8T/$20B, or about 10x the ratio of Google back then.

Yeah, very pricey. Crazy ? Not sure. Do I like the valuation ? No. Would I buy more SpaceX than what will be in my equity ETF ? No. But I am not unhappy that I will own a piece when it comes out. Do I like the change in rules ? Absolutely not, but that is just the way it is. The market, over time, is, and always be a lot smarter than I am.