I'm unclear why you don't think it's a scam, because "he is a great financial engineer" seems awfully close to admitting that and then the "platform vehicle for everything else coming through the pipeline" seems to be the clincher that it is indeed a scam.

For example, he's talking about data centers in space as the "everything else coming through the pipeline" and space data centers are an obvious engineering boondoggle, but sound cool to people that don't know anything about data center design or the challenges of space engineering (ie heat rejection)

I think you're collapsing a few different concepts together. Calling something a scam implied intentional deception about the underlying business. I don't think that's the same as selling an extremely optimistic vision at a valuation I personally think is unjustifiable.

Plenty of companies have traded at prices that assumed almost everythign would go right. Most of those expectations eventually proved wrong but that doesn't retroactively make them scams.

If the argument is that space data centers or some of these future initiatives are technically unrealistic, then criticize those ideas on their merits. If they're impossible or economically irrational, the market will eventually price that in, even if it takes a long time horizon.