> Some amount of the value baked-in assumes that SpaceX will earn money on any of the thousands of revenue sources possible in the creation and running of the f

> Some amount of the value baked-in assumes that SpaceX will earn money on any of the thousands of revenue sources possible in the creation and running of the first large-scale city on Mars. For that to make any sense at all, somebody would need to figure out a profitable economy for a Mars colony. Nobody has been able to do that. Big defense contracts from the US military is where SpaceX will strike gold, if they do. All the money is in launching stuff into Earth orbit to serve some practical purpose on Earth.