Prominent astrophysicists I trust say there is no evidence for Elizondo’s claims.
Have we examined all motives here? Possible motives include:
A government program for uniting religious belief to some end.
A government program to gauge how people would react to disclosure if non-human intelligence was ever discovered (arguably we are already there with LLMs).
A cover for advanced military craft.
And finally, by far the most likely in my opinion, the profit motive. To the Stars Academy, LLC, now known as To the Stars (TTS), is essentially an entertainment company. The supposed other operating arms of aerospace and science divisions have not and probably will never generate any revenue.[0,1]
[0] https://www.sec.gov/Archives/edgar/data/1710274/000114420417...