Elon likes his companies financially intertwined. He convinced the Tesla board to invest in xAI to help get it off the ground, which converted to SpaceX stock after the merger, so Tesla has about $2B in SpaceX stock on its balance sheet. SpaceX is also a pretty major customer of Tesla's batteries and cyber trucks and they're partners for his terrafab scheme. Plus, Elon is likely to sell some of his personal 15% stake in Tesla if he feels it's necessary to help SpaceX, which is his favorite child. The financial ties are likely to get stronger over time.

Also, the vibe is harshed, which is actually the most important factor for these kinds of wild valuations.