Do they have something playable... yes amazingly. However just ask yourself when your logged in. Is this a 400 million dollar game. lol 50x the budget of Elite dangerous... or put another way the games development so far has cost more then every single Grand theft auto game ever made combined. Probably cost more then every final fantasy game ever made combined as well... or at best around the same. lol
Think about it... they have had 0.4 BILLION dollars given to them, GIVEN no interest no repayment nothing, they where gifted damn near half a billion dollars at this point. We could have crowdfunded 5% of the james web instead. We could have crowd funded 5 falcon heavy launches and filled them with action figures just to watch them float away in the path of the Chinese space station for giggles.
Taking 400 million and giving 10 million of it to some kids to make a game doesn't make it any less a scam. lol
Don't forget that Roberts told everyone that 1 dollar to him was like 4 or 5 dollars to a regular studio because they don't have the publisher overhead, so that 400 million should really produce a game that is equivalent to a 2 billion dollar game.