$SPCX Last night to today, it continued to surge before the market opened, reaching around $228 at one point.

In terms of fundamental narrative, the main points are:
First, strong demand after SpaceX's IPO, with underwriters fully exercising the over-allotment option, further expanding the fundraising scale;
Second, the company's long-term growth story is significant, including Starlink user growth, leading position in launch services, government and defense contracts, and future potential in AI/Orbital data centers;
Third, Musk's very aggressive long-term revenue targets announced yesterday have caused the market to reprice SpaceX based on the logic of "space infrastructure + AI gateway."
Additionally, ARK/Cathie Wood's purchase after the IPO further reinforced market expectations of institutional capital entering.
My view:
This round of rally is certainly supported by fundamentals, but the sharp rise to 228 in the short term is likely driven by sentiment and small-scale capital structure factors.
The small circulating supply of SpaceX's new stock, high retail enthusiasm, and the gamma expectations brought by upcoming options activation are all amplifying volatility.
$SPCX It is no longer just an ordinary growth stock within traditional valuation frameworks; it’s more like an early trading of Musk’s vision for the space economy over the next decade.
This kind of market is characterized by high volatility, with both bulls and bears having reasons to compete. Whether it can hold around 220 after opening, and whether the options market will continue to push sentiment higher, short-term traders might take some quick profits after rapid gains, while chasing longs becomes less daring.
What does a market cap of 3 trillion mean? It has already surpassed the total market value of all cryptocurrencies.