In the case of SpaceX, their potential market is users of AI. This market is small now, but could potentially grow. And they have large competitors in this space. What can they offer that the others don't? As for their other businesses, they are ahead in launch, but there are other potential competitors, and it's not that big a market. Communications, the one business where they are making a profit, has lots of large competitors. Their only moat there is areas where it is too expensive to run fiber, which means mostly mobile applications and remote areas.
SpaceX has a tiny revenue compared to its market cap.
I mean these are both valid for SpaceX also, take out the execution and technological difficulty. There is a huge potential market in space, and they're is practically no competition
Is there? Most of their launches (like 90%+) are Starlink + there is high demand to not to use US technology because you may get banned when administration is not feeling the vibe today.
It is not like SpaceX can open space port in Europe or China to bypass US regulations. While Amazon pretty much can.
Lack of international competition here is actually working against them here