That’s because it bloody is.

They’ve got one business unit making money (and to be fair, that business unit is making crazy margins) - Starlink - and one business that could be profitable if it turn down the starship R&D. But it’s so crazily leaning into “AI in space” for its insane multiples - and leaning in to achieving a dominant position there, when both China, Japan and other US companies are prepping reusable launch vehicles.

I wouldn’t touch it with a barge pole and if I could blacklist it in my passive fund I would. That said mine follows the FTSE Russel Global index, which only rebalances every 6 months and with much stricter requirements than the fast-follow Nasdaq funds, so by the time any passive investment of mine jumps on SpaceX its real value will be much more apparent.