A forecast of the fair market value of SpaceX's businesses

https://futuresearch.ai/spacex-ipo-valuation/

A $1.75 Trillion IPO Would Be Overpaying 30% for SpaceX

A sum-of-the-parts forecast of SpaceX's fair market value across seven business segments. The $1.75 trillion IPO target is approximately 29% above the median fair value of $1.25 trillion.

FutureSearch

Not bad for about $12-$16B in total actual revenue.

net income probably: $1.5B – $3B

P/E:500-1000

Of course people will trip overthemselves to buy it up.

I just don't think space is as useful or profitable as people think. Time will tell.
You could argue that space is highly useful for creating profitable narratives. You could even argue that this is the whole game.