Typically in capitalism, if there is any profit, the race is towards zero profit. The alternative is a race to bankrupt all competitors at enormous cost in order to jack up prices and recoup the losses as a monopoly (or duopoly, or some other stable arrangement). I assume the latter is the goal, but that means burning through like 50%+ of american gdp growth just to be undercut by china.

Imo I would be extremely angry if I owned any spacex equity. At least nvidia might be selling to china in the short term... what's the upside for spacex?