Trying to make sense of SpaceX's valuation based on other company valuations

SpaceX gets their revenue from Starlink (61%), space launches (21%), and xAI (17%)

At a $1.75 trillion valuation, that's saying Starlink is a $1.1 trillion business, space is $0.4 trillion, and xAI is $0.3 trillion

The Starlink valuation is ridiculous: T-Mobile, Verizon, and AT&T are all at $0.2 trillion. Comcast is $0.1 trillion

xAI is ridiculous as well. That's saying they're as valuable as Tencent and Bytedance/Tik Tok at +$0.3 trillion. Reddit is worth just $32 billion and think it's better than xAI

The space business I can't speak much to and think it's a premium, but not ridiculous since Palantir has a similar valuation for having a wide moat as a government contractor without any real competition

Starlink & xAI is enough to tell me the business isn't worth $1.75 trillion based on the sum of the parts