I still don’t understand why SpaceX should be worth this much

I know this might sound silly, but I honestly don't understand SpaceX's valuation. Tesla's valuation makes sense to me. The car market is huge. Everyone needs transportation, and if you believe electric cars will take market share from gasoline cars, then the potential market size is obvious. But what about space? What is the actual size of the space market? We're no longer living in the Cold War era. Of course, governments will still invest in space and defense, but defense contractors typically don't have