I've seen people saying, “I’ll just buy SPCX in 3 months at a lower price.”

Sure, but that’s based on a completely different thesis.
Trading vs investing is VERY different.
At launch, the only thing that should matter is flow - valuation is irrelevant.
This is a stock with:
- Just 4.2% float
- Of which only 20% goes to retail → that’s roughly 0.8% of total shares as potential sell pressure (the rest goes to long-only holders)
- And of that retail portion, >50% are unlikely to sell due to flipping restrictions or natural holding behavior → real possible sell pressure drops to around 0.4%
Meanwhile, index funds are expected to buy $20 billion per 1% of the stock (new inclusion rules).
1% buy demand >> 0.4% sell supply.
TLDR; It's like Elon launching a coin where he controls 99.6% of the supply right before a major DAT buys in two weeks. Absolute giga insanity.
Ty Jeff Yan for giving it to us early. Hyperliquid Quant.