Is SpaceX the first company where access to capital is part of the business model?

I’ve been thinking about SpaceX and I keep coming back to the same question.

Everyone talks about technology, brand, scale, and network effects as moats.

But can access to capital become a moat too?

One thing Tesla showed is that a very high valuation isn’t just a number on a screen. If investors are willing to keep funding you, that money can be used to build factories, hire talent, survive downturns, and outspend competitors.

Looking at SpaceX, I wonder if we’re seeing something similar.

Even if someone thinks the valuation is crazy, does it actually matter if the company can keep turning that valuation into real-world advantages?

Curious how people here think about it. Is access to capital a moat, or is that just what people say when a company becomes overvalued?