The valuation is a joke.

The fact that Musk basically already has control of the shares he supposedly only receives if humans colonize Mars is absurd.

The indexes changing their rules to create liquidity at the behest of SpaceX insiders is borderline criminal.

Fortunately, the S&P 500 seems to have somewhat come to their senses: https://finance.yahoo.com/markets/stocks/articles/p-not-change-rules-allow-230217103.html