I think a better critique of space-based data centres is not that they never become high growth, it's just that when they do it implies the economy is radically different from the one we live in to the degree that all our current ideas about wealth and nations and ownership and morality and crime & punishment seem quaint and out-dated.

The "put 500 to 1000 TW/year of AI satellites into deep space" for example, that's as far ahead of the entire planet Earth today as the entire planet Earth today is from specifically just Europe right after the fall of Rome. Multiplicatively, not additively.

There's no reason to expect any current business (or nation, or any given asset) to survive that kind of transition intact.