The bulk of the SpaceX valuation has nothing to do with the rocketry business.

In capitalism, huge advances are reflected in revenue, profit, and growth. None of which support the SpaceX valuation. The evaluation looks like Marco Rubio's shoes. SpaceX ain't never growing into its price.

Just for artistic symmetry, it feels like a Tesla merger is fated, just to prove that several quarters of stagnation can't dent a P/E ratio based on unicorns farting rainbows.