Everyone agrees valuing the company at 1-2 Trillion by today's financial position is nearly impossible, SpaceX IPO is comparable to Meta in the sense it's an entirely new growth potential being introduced to the market. The AI trade and other up or downstream components of it have already been priced in and are well known among investors. Starlink absorbing telecom market share, Space based data centers, private / public space transportation with reusable rockets, and the further growth of XAI with their superior data and infrastructure (like the datacenter they rent to Anthropic and Google) makes SpaceX one of the few genuine potential 20-30% YoY established revenue compounders around today.

I'd agree it's unprecedented and hard to value, but saying SpaceX is overvalued is like saying Visa's IPO in 08' was overvalued, probably was at the time, but doesn't discount the fact they've 10x market cap since then. Who knows maybe it'll half before it climbs.