The launch number is irrelevant. Starlink is SpaceX's largest customer and that is a problem. The revenue from launches is not great. The xAI fantasies are unproven.
It was the same thing with Tesla. Everyone screaming when Tesla had. $20bn market cap how they were extremely over valued because their car sales revenue paled in comparison to the other car manufacturers and yet their market cap was in the same ballpark. It was such a joke and so obviously unprofessional / dishonest. The traditional automakers were all nearly insolvent (tens to hundreds of billions of debt) and had stagnant growth. At the time Tesla had no debt and was growing consistently ~70% a year. Anyone willing to actually analyze and see the truth and not just read headlines and repeat them could have seen it.
Multiple launch vehicles and crew vehicles exist now, and more are on their way.
Taking tech from TRL1 to TRL9 with 2.5million moving parts in it is vastly different from coming up with another TRL9 design.