Reusable rockets aren't magic. There is a long distance between 'reusable' and reusing something many 100s of times to reach scale.

Blue Origin is losing billions every year, its not hobby of the richest person in the world, not true competitor. Remember rockets are small markets and everybody other then SpaceX is losing money.

Europe and China has literally 0 shot at breaking into the places SpaceX dominates. Europe will take another 10 years before they get a reusable rocket and even then, launching something like Starship wouldn't happen for another long time after that.

China simply can't compete in these markets by law, in the US. Them having reusable rockets doesn't matter for SpaceX. I don't think China will have Starlink competitor that can compete globally anytime soon. But that might be a real competitor eventually.

Kupiter is arguable a more real competitor.

> Assuming the US continues to alienate its allies, I assume spaceX will be limited to the domestic market in 5-10 years.

That's a gigantic, gigantic, huge and absurdly large assumption.

A lot would need to happen for all current US allies to block all SpaceX products.

Not to suggest that 61x multiple is justified, but your counter argument doesn't really work.

I think the better argument against the 61x multiple is that the overall market simply isn't big enough. SpaceX would have to break into many other markets and how to do that is difficult to say for a number of reasons.