SpaceX doesn't seem quite that bonkers, but it isn't far off. SpaceX is basically a datacenter/AI play, with a yet-to-be profitable launch business tacked on

While I am as amused as anyone about the hype and overvaluation of this issue (at least until it foments the biggest bear in a generation), I think you left out the single most important component. And it *does* have value, and that’s Starlink.

It’s already profitable. It works. It’s a “today” solution for anyone who wants instant access to the internet, and while that’s a minority portion of the US, it’s still estimated to be anywhere between 14%-20% of population here, the “truly rural” segment. More than that, it’s a lot higher in Mexico, South America, Africa, many parts of Asia, India, and so on, meaning the potential addressable population is somewhere in the billions.

Yes, there are other solutions, some better, some cheaper and so on, but I’d put Starlink as the jewel in this otherwise overstuffed turkey - for everything from mobile military to commercial airlines to underserved populations around the world. I would have no idea what the eventual (true) value might be, but it’s gotta be more than renting data centers to other overstuffed turkeys as they head their way to the eventual slaughter of the inevitable market shakeout.