Neocloud is a low margin business. SpaceX has no advantage over competitors such as Oracle, Microsoft, AWS and others. Renting out hardware purchased from Nvidia will give them 15% profit margin. Terafab does not have any advantage over TSMC. TSMC has massive economy of scale and mature supply chain.

In short, there is nothing to explain the massive overpricing of SpaceX stock, it will come down to earth at some point. Don't be left holding the bag at that point.