I think it's a combination of speculation, economic eco-activism, and futurism which will keep Tesla's market cap a self-fulfilling prophecy. Even $3000/person

I think it's a combination of speculation, economic eco-activism, and futurism which will keep Tesla's market cap a self-fulfilling prophecy. Even $3000/person seems like a pretty good deal to make cheap grid batteries and zero-emission transport widely available, even as charity. Then there are the fairly outlandish AI/robot/neuralink promises that Musk can get away with. Even 5-year-late delivery on those promises would have a tremendous impact and so presumably some investors are betting on that as well. If you take a long view of Musk's projects he's building the infrastructure to colonize Mars (solar, battery storage, rockets, autonomous electric vehicles, trains that operate at Mars' atmospheric pressure). That's unique in the market today and without the ability to invest in SpaceX normal folks will choose Tesla even if it doesn't make much financial sense.