You’re comparing a publicly traded company where the supply demand economics have established a price to a company whose financials are not public, and is valuing itself at $1.7T and forcing everyone’s 401Ks and pension funds to fund it. Not the same thing.

>forcing everyone’s 401Ks and pension funds to fund it.

Source?

The source links in that website (which looks like clickbait) do not support your claim.

https://www.morningstar.com/funds/spacex-ipo-how-index-funds...

> S&P is reportedly considering a fast entry rule change to its flagship index, though it has not yet been approved, and details are scant.

> FTSE Russell is also considering a fast entry rule for its suite of US market indexes and is in a consultation period as of early April 2026.

Only Nasdaq 100 has changed its rules, but Nasdaq 100 is not (and should not be) in most retirement funds.

If 1/3 having changed rules and 2/3 considering changing the rules isn’t evidence enough then not really much to discuss here.

When someone says that it usually means they believe the price is bound to drop.

> Isn’t the company worth exactly as much as people are willing to pay for its shares?

Really? We're still making claims like this in the year of our Lord 2026? People in the markets today are not predicting the real value of a company, they're gambling that the various political and financial machinations from people like Elon Musk will increase the share price enough that they can sell at a profit. The value of shares like Tesla are utterly disconnected from the value of the underlying business.