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SPCX short sellers need to be careful. Compared with other stocks that have a trillion-dollar market cap and high liquidity (over 95%), SPCX’s initial circulating IPO was 555.6 million shares (about 4.3% of the total shares). Although its market value has now reached 2.5 trillion, 95.7% is locked up. Of that, 85.1% is locked up for 1 year by Elon Musk and major investors; the remaining portion will only be released in stages after the Q2 financial report. At the current price, the circulating market value is only a little over 100 billion.