The value is how much the US will pay to own space. SpaceX made launching into orbit affordable which opens the possibility ti test weapons. At some point countries will limit the amount of junk allowed in space. Theres no capitalistic race, it will turn into a monopoly. Question is will the military take over or pay companies to utilize their tech? Will SpaceX turn into a military tech company or be neutered by government due to security?
SpaceX is invaluable as a military asset and that’s where valuation comes from. They won’t state this. Investors don’t want to admit they’re investing in weapons and SpaceX wants to look like a benevolent company helping humanity. We already saw Musk control the Ukraine / Russia war by turning on/off star link.
Theres a treaty signed in 1967 to not put weapons of mass destruction into space. No other weapons are outlined. Space is basically equivalent to airspace, imagine having another countries death machines floating above. At some point that treaty will be broken and whoever has a Nuke in space just by passed the ability of air defense because targeting systems can only stop the threat in the short time the missle is outside the atmosphere
Whoever can first invent orbital weapons can stop all other countries from getting equivalent tech into space. One country will own the airspace over earth
Imagine EMPs, imaging, missels that can’t be shot down by anti airfare. Nukes that can’t be intercepted
1 country will be able to control earth and rain destruction at any moment.
Value? - the government could takeover militarization and only allow SpaceX to do things that don’t impact national security. In this case, SpaceX is worthless
TLDR - cheapeness of launching rockets allows testing of technology and the weaponization of a new frontier. Countries will limit amount of launches making space a monopoly