Imagine the East India Trading company advertising the TAM of the new emerging markets in the early 1600's. I bet the numbers compared to the old world would be enormous, and equally unbelievable.

IF, and yeah it's a gigantic really big IF... the future plays out the way people are envisioning it. It's future shock. Astroid mining, gigafabs, star ships launching hourly making space exploration cheap, satellite intelligence, physical AI. The world is going to be a completely different place IF SpaceX and the AI labs are successful. That TAM might be real. It's a literal moonshot, the stuff they're talking about sounds SciFi, but that's why the valuations sound SciFi.

That said, I would not invest anything into SpaceX that I wouldn't be willing to lose, and i personally would not invest until the lockups are free. Moonshots aren't in my risk profile.