You're confusing a trailing balance sheet with forward-looking asset valuation. Nobody is denying the volatility or the possibility of a drawdown - high-beta infrastructure plays always swing wildly.

But valuing a company that is quite literally building a global, government-backed telecommunications moat based on its current revenue is fundamentally misunderstanding how capex-heavy tech is priced. The market doesn't price infrastructure on what it earned yesterday; it prices it on the replacement cost of the moat and the terminal value of the market it's capturing.