$SpaceX(SPCX.US) Bearish view: Initially, the proportion of freely tradable shares is small, combined with grand narrative storytelling and scarce chips. Sentiment drove the stock to surge past $200, disconnecting from the company's actual profitability. The high market cap under fading sentiment will eventually become a bubble. I would calculate based on around $135, with a high probability of dropping to $100. Additionally, the cost basis of released shares is very low. Assuming positive earnings reports face the first wave of massive share unlocks, caution is still needed in hedging for bullish moves. Big opportunities often appear at unexpected moments.