Yes.

Elon musk had SpaceX buy XAi which bought Twitter all for increasingly more money from himself. The valuation is based on that. Somehow.

Apparently they claim their TAM is $28T because identifying trillion dollar businesses is their core “repeatable business model”. None of the companies folded into SpaceX now are trillion dollar companies. How the argument that the core business is making trillion dollar companies, despite not making any trillion dollar companies, makes any sense I do not know.

Also uhh… don’t look at their declining real revenue, or that they just bought $1B of depreciating assets from Tesla like $138M of cyber trucks. That definitely was not because they weren’t selling.

Edit: Here's a video on this so you all can see exactly how shitty this deal is https://www.youtube.com/watch?v=-X6YzlY_8tM