SpaceX is betting that the world will be compute/energy constrained by 2030 and that orbital datacenters will become cost-effective for inference. If they are right about that, they will be the largest company in the solar system. If they are wrong, they will still be one of the largest telecom companies.

To me this is a classic case of low-downside, very-high-upside.

SpaceX has a monopoly on The Universe. Therefore the TAM for selling tokens to all possible alien species is what justifies the valuation.