No. He is making it an AI company. The prospectus makes that clear. Everything is in service of training and deploying AI. Twitter is data, distribution and marketing, space x is distribution with data centers and internet in space. Cursor is training data and hostile distillation.
NewBird AI is an AI company which had an extremely irrational stock price bump because it's all about AI. It AI'd its AI with some more AI to AI harder with AI... and that equaled money.
If you're writing a prospectus right now and want a lot of large institutional investment you put AI between every letter. We are in a bubble, I don't think there's any disagreement about that, when the bubble will pop nobody knows - but while we're in this bubble everything is AI. I think it's unwise to read that prospectus in good faith given all the other factors (the court case against OpenAI, the race to IPO first, Google's additional stock grant, Elon's history of corporate bailouts) that are pretty plain to see.
Unfortunately computers generate heat, so while Elon can build a business running on hot air on earth, he will not be able to do so in space.
This is very far from an obstacle, space-functional radiators and thermal management systems do exist.