1. They build a space station and then go to the moon.
2. They build a space station, RLV and then go to the moon.
3. They go straight to the moon.
It's going to be interesting to watch this unfold the next few years. They show tremendous ambition, I think option 3 favors their ambitions the most.
It might take a little more fuel, but the advantage is they won't have to carry as much fuel each stage and replace all the hardware each trip. To the moon and back might also take 2 weeks rather than 1 as it was for Apollo, but the pace wouldn't be as hectic and dangerous. The first stage wouldn't have to be a huge Saturn V type of rocket, but several smaller launches, most unmanned.