Rocketry revenue is so small that it can’t sustain even a tiny fraction of their valuation which is entirely ridiculous.

Isn't that entirely because investors are betting on on Musk succeeding though? Lunar base / Mars colony / hundreds of daily starship launches is the long game. It's no different than Anthropics entire valuation being based on ASI. If they never achieve ASI, 2 trillion is the most insane valuation of all time. If they achieve it, 2 trillion will be your worst missed opportunity of all time.

Biggest issue Tesla, SpaceX, Anthropic and all these companies have is you can't inflate your value beyond the total market. It's the same thing as bitcoin pushers trying to imply the value would 100x again pushing beyond the total valuation of the Earth.

These companies have the benefit of a real product at least, but eventually the rubes get fleeced.