With $1.75t valuation & ~$16b in revenues, that's just over 100* revenues. SpaceX recently announced $8b in EBITDA, but I don't think it's a healthy metric for such a hardware-heavy business. Or, like Charlie Munger calls it, BS earnings.

Even if you give SpaceX the benefit of the doubt and assume they'll eventually settle at the profit rates Apple, Google, etc. have (~25%, check it), it'll be $4b in annual profits holding up $1.8t in market cap or roughly 450 PE ratio.

And that's if we give them the same great odds for profitability as America's most successful and profitable firms.

In summary, in the short-term the stock might very likely shoot up to $3t, but in the long-term, it doesn't look very healthy.