Spacex IPO Overpriced?

Could Spacex be the most overhyped company of all time? Even more overhyped than Tesla? Could it be possible one of the worst IPO’s of all time in terms of what the financials actually are and what its valuation is going public at? They lost over $1 Billion last quarter… how on earth are they worth anywhere close to $1.5T?? It’s all hopes and dreams of putting data centers in space and that won’t happen in the next 10 years and possibly never as it just doesn’t make any sense regardless of what Musk and Bezos says (they both have rocket launch company’s so they want it to happen to make money off it). I just don’t understand how it’s anywhere close to the proposed valuation based on nothing really with no real growth story because data centers in space is not happening. So your really paying for an internet service company that only has 10 million customers and will never be as good as the big 4 telecom companies, xai that loses money hand over fist and twitter which is in the same boat. What’s the big deal over this and why isn’t any investment company calling it out for what it is??