I feel like you are missing the difference between cash out the door and the market cap value of a business. One is a real tangible thing, the other is a function of the stock market.

I don’t think google would spend this money if they did not need this compute, and who know what will happen with SpaceX valuation over the course of a few yrs.

Most things like this are more straightforward than we want them to be - this feels like google paying market value for compute?