Jefferies' Chris Wood says investing in SpaceX is ultimately a bet on Elon Musk rather than valuation metrics. He highlighted the explosive demand for leveraged SpaceX ETFs and warned that changes to index inclusion rules could reshape passive investing, further strengthening the dominance of US equities in global benchmarks.

Believers in Elon Musk's astronomic vision for SpaceX are storming options.

CNBC's Jim Cramer said SpaceX investors are betting on Elon Musk's vision and track record, rather than the company's current earnings power.