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Instagram is valued at 100B, Netflix goes neck and neck with Walt Disney. Not to mention Amazon. Market value has never been in lock step with revenue. And I'm sure you know it.

It's entirely possible Tesla will go burst. We'll see. However market value isn't a reliable indicator.

At least Instagram prints money (at the moment anyway). Netflix is almost as insane, but they're the (almost uncontested) leader in global online content distribution at the moment. Tesla is dead last against like 20+ competent profitable industry incumbents.

Lots of normal peeps invest in TSLA for moral/ethical/stylistic reasons. This in turn drives up the price.

If you think there's 50/50 odds they'll either go bankrupt or be twice as big as GM/Ford some day, it's reasonable for their valuation to be on par with those guys (I don't think that btw, just trying to make sense of it).