alt Hacker NewsSpaceX, like Tesla, has always been about Elon Musk.
Investors are buying Musk, like they were buying Warren Buffett with Berkshire Hathaway. Long-term shareholders are not buying space; they are buying Musk. This has been clear to everyone since the beginning; it has been well communicated (look at SpaceX governance rules in Texas), and there is nothing mystical about it.
It's very likely Musk will roll everything up into a single Musk conglomerate.
Investors are buying into the fallacy that musk can continue to work as a hype man, rather than some visionary or innovator. They like that he can make stock numbers go up, seemingly against all odds and reason.
Whether this trend continues or not indefinitely will largely determine if incestors start looking for the door.