why SpaceX is valued as this much ?

I read :

 

"Civilizational scarcity asset means the market will price three layers at once.

First, the current business. Launch. Starlink. whatever real operating numbers are visible.

Second, the strategic layer. Defense integration. orbital logistics. communications dependence. national infrastructure relevance.

Third, the myth layer. The belief that this company is one of the main vehicles through which the future arrives.

The deepest read is simple:

The market is going to treat SpaceX less like a company entering the market and more like the market finally being granted access to a strategic relic it was previously forbidden to own.

That is why the reaction is likely to be so powerful."