Not sure I'd classify 100% year-on-year growth to revenues of $12 billion as mediocre, during a year when the production lines of two of their three cars were shut down for almost an entire quarter and we also went through the worst pandemic since 1918.
The valuation is still steep by earnings and compared to likely competitors, but it's not based on speculation devoid of observations.
Tesla also reopened their Freemont plant within days against health department orders saying they were producing ventilators and then delivering expired bipap machines bought in bulk while really working on luxury cars. The pandemic didn't slow them much because they just violated the orders.
The valuation is still steep by earnings and compared to likely competitors, but it's not based on speculation devoid of observations.