SpaceX earnings have nothing to do with SpaceX valuation. If valued purely as a space and connectivity business, SpaceX’s enterprise value would be $250–$350 billion. Maybe 2–3x that, assuming they maintain a monopoly and grow it with Musk magic.

At least half of that $1.5T is an AI business they don't yet have and have failed to get into. They are renting data centers to those who can. Expect the price to drop 10–20 percent this month as they keep releasing stock to the market.