Valuations of small startups where the vast majority of staff have a high value to a buyer and can be locked into continued employed relatively cheaply are often valued based on the number of employees. How many of those 3,000 SpaceX staff would be of interest to the handful of companies that might have an interest in buying the company?
Further, that's of little relevance to a minority investor like Google, as they can't turn around and say "let's sell to Lockheed now", and staff moves.
In terms of capital equipment, you have to consider how quickly that equipment depreciates and who might be interested in it. Is there even a market for X billion in whatever equipment SpaceX owns? The purchase price is irrelevant.
Further, that's of little relevance to a minority investor like Google, as they can't turn around and say "let's sell to Lockheed now", and staff moves.
In terms of capital equipment, you have to consider how quickly that equipment depreciates and who might be interested in it. Is there even a market for X billion in whatever equipment SpaceX owns? The purchase price is irrelevant.