It's so bizarrely run that it's hard to decide what counts as a "comparable outfit"? It's a Space company crammed together with several deeply unprofitable and embarrassing investment companies the founder bought as a part of a transparent grift to cover his mistakes and his only argument is a vague promise of "data centers in space", after over a decade of promising similarly ambitious things that have never happened.

Compared to the other AI companies? It's got even less revenue and product/branding decisions that have it fundamentally incompatible with any of the customers that would result in it becoming a leader.

Compared to other companies of similar revenue? That would be like... uh... Carnival Cruises? lol the fact that it has a valuation where it does is only due to corruption and politics. Oh, sorry Carnival Cruises had actual revenue last year, SpaceX was -$1.9B.

Maybe I'm just in my media bubble, care to share the experts out there explaining how it's a great company whose valuation makes any sort of sense?