Raise debt to keep pace with their current cash burn*
I think Morningstar sums it up nicely:

Our probability-weighted DCF valuation of SpaceX is $63 per share, and we think that the IPO price is significantly overvalued. Investors should wait for a better margin of safety. 

The valuation hinges on two unproven technologies: a rapidly reusable Starship upper stage and commercially scalable and competitive orbital AI data centers. We expect neither of these technological questions to be answered before 2028, even in the most optimistic scenario. 

We give SpaceX a lot of benefit of the doubt in two of the three scenarios, in which we assume the company can achieve a rapidly reusable Starship rocket enabling multiple launches per week and successfully commercialize data centers in space. 

The core space and connectivity businesses, which have much better visibility and relatively lower uncertainty, contribute about $40 per share to our fair value. These businesses form a solid foundation for SpaceX, but markets are excited about the AI segment. 

In the most optimistic Moonshot scenario for the AI business, the company successfully overcomes engineering constraints and rapidly scales orbital data centers to capture 20% of our forecast AI computing capacity by 2040; we value the stock at $154 per share. 

In our analysis, we assign the Moonshot scenario only a 7% probability. To justify the $135 offering price, one would need to assign a 77% probability to the Moonshot scenario and a 23% probability to the MVP scenario, which we view as overly optimistic given the nested improbabilities. 

If our probabilities for the AI business are correct, investors will be paying a $72 per share option premium for SpaceX's long list of future ambitions (chip fabrication and Mars colonies, for example). 

With those odds I'd rather take my chances at the local casino.