> You don't know why people value the company…

We do, at least at the time of the merger, as it existed as separate parts prior. https://en.wikipedia.org/wiki/SpaceXAI#Finance

https://en.wikipedia.org/wiki/Initial_public_offering_of_Spa...

Their own numbers in the S1 they released before the IPO listed their potential market growth, and it was almost entirely in the AI division. These aren't my numbers, these are Musk's numbers.