An extreme majority of Space X's self-determined value proposition has nothing to do with space. Out of an overall TAM of $28.5 trillion, $26.5 trillion is based on AI. Personally I believe that number will actually approach zero, but it certainly even in my most optimistic view is a number with a B, not a T

The total addressable market even at Space X's own calculation for space launches is only $370 billion. And, supposedly as the only company that can launch things into space they are still losing money on that business. This is bankrupt-a-casino levels of incompetence

SpaceX are currently losing money on the "going to space" part of their business.

They're making money on telecoms, and may have just started making a profit on renting out the data centres they originally built for the AI that it turned out hardly anyone wanted to actually use.

Even if one assumes this is true, it still wouldn't justify the valuation.

The demand just isn't there, which is one of the reasons SpaceX is pretending they will generate more demand with their cosmic wizard spires.