Valuation is just an appearance; chips are the real trump card! Rumor has it that SpaceX is expected to conduct a historic IPO on June 12th. Behind its $1.77 trillion high market value, the most terrifying highlight is that only 4.3% of the shares are in free float. Up to 95.7% of the shares are tightly locked by Musk and early-stage institutions. The structure of high market value plus extremely low free float means that in the initial listing phase, market chips are extremely scarce. The massive global demand to grab the 4.3% "flour" can easily lead to a sharp increase in stock price! But note, around August, the first batch of major unlockings will occur, and the supply-demand relationship will face a major reshuffle. The most exciting part in the second half of the year is not SpaceX's performance, but this game of chips in the most hardcore asset of all humanity!#spacex