This is my very simplistic thinking about it. I've seen another analysis wtih the headline that SpaceX would need an "impossible" 600x growth over the next 20 years to support the 1.5% valuation.

I wasn't able to quickly find that 600x figure, but this article by Shawn Tully does talk about this topic.

https://finance.yahoo.com/markets/stocks/articles/spacex-needs-grow-60x-decade-070000488.html

6/x