General Discussion

...and if you temporarily set aside the expenditures on developing Starship (which would be revolutionary if it works), the Falcon and Dragon and other established products make good money with plenty of margin, as nobody has yet found a way to compete with them on price.

But the AI bullshit is the vast majority of the claimed valuation, and what X AI has managed to build in that space is probably the lamest AI in the industry, especially in proportion to what was spent on it.