SpaceX lowers its target valuation for its initial public offering (IPO) from $2 trillion to $1.8 trillion, this adjustment occurs after consultations with consultants and investors. The direct reason for the valuation decrease is the market feedback mechanism starting to work. Before setting the IPO price, the underwriter team will gather anchor investor interest to place orders and assess price sensitivity. If demand does not meet expectations, the issuer usually lowers the valuation range to increase order attractiveness. From a funding scale perspective, $1.8 trillion still represents a very high valuation level. This figure surpasses the market capitalization of most publicly listed technology companies, only trailing some top-tier companies. The slight adjustment in valuation reflects two realities: first, the secondary market's capacity to absorb high-valuation tech companies is not unlimited; second, investors are more cautious in assessing SpaceX's profit-generating ability and cash flow performance.