The launch business is impressive relative to the launch industry, but in terms of company capital value, it is a very small part of the company.

I'm rooting for SpaceX, but even I can see that there's some extremely dicey work being done to mask the enormous sinkhole of XAi (and Twitter).

If Nvidia was buying 80% of their own chips, we would have the same criticism of Nvidia as we have of SpaceX. Nvidia's valuation is rational because they sell to real customers and get real cold hard cash from those customers.

83% mass to orbit of a market of what size? The valuation should absolutely reflect the size of market company operates in.