No one knows what the demand curve for space looks like. Those who feel SpaceX is crazily undervalued implicitly assume two things: A steep demand curve* and that SpaceX will continue to drive down prices by large amounts.
*This is equivalent to: There are tons of people who think space is cool or useful and do nothing because it's too expensive and that won't be true with SpaceX's costs in 10 years.
Unlikely. Employees could be gone in <whatever their notice period is>, so you can't put that much accounting value on them. Factories are worth something, sure, but they're pretty much a commodity; if they were destroyed in an earthquake or something SpaceX would just rebuild them. Most of the value of SpaceX's assets will be in the designs (particularly the engine/turbopump design), not even the design itself so much as the fact that it's been validated and proven (and is cheap to produce). That and, perhaps even more important, having an organization that's proven its ability to solve rocketry problems and continue to make improvements.
My understanding from listening to Musk's announcements since SpaceX was relatively a new company was that the real differentiater cost-wise for the Falcon 9 merlin engine is the manufacturing process, not the rocket itsself.
I seem to remember Elon saying this himself in a relatively recent announcement. I believe it was the one where they unveiled the human pod thingy to go ontop of the falcon, but could be wrong. Either way, they use modern design and manufacturing methods, where the competitors like ULA use methods developed in the 70s and refined slightly in the 80s.
> I also think about their 3,000 employees and billions(?) of dollars of capital equipment would be worth a lot?
The capital equipment probably is largely pretty specialized to not only the market they are in but their approach to it, and may not be that marketable on its own.
And, despite the name "human resources", regular employees aren't property, and their attachment to SpaceX may be fairly tenuous, particularly in the event of a change in management and operational style.
*This is equivalent to: There are tons of people who think space is cool or useful and do nothing because it's too expensive and that won't be true with SpaceX's costs in 10 years.