The valuation is certainly extremely overblown and even Tesla actually do not make better cars than BYD. They were just first movers. Similarly I would discount much of the hype such as Mars mining, AI data Centers in space etc and look at rocket launch as the primary revenue.
There are growing concerns. We cannot seperate the political and social media noise from his company performance, as I would expect the CEO of a company I own to devote his energies on running the company, not on social media wars and other distractions. Also one concern is the bandwidth. One person cannot run Tesla, Neuralink, The boring company and SpaceX and have all these function optimally. And with Musk it’s a one man show.