SPCX’s breakout logic is finally clear! This time the target may be more than 1,000.

At the start, many people were scared by the surface-level total valuation, thinking SPCX was already absurdly high. But after a closer study, it turns out that the truly circulating shares are only a little over 600 million. With the current price, the actual circulating market cap is far less exaggerated than the market’s imagination. With limited supply of “chips,” it means that once money keeps flowing in, the price elasticity will be very strong.

More importantly, the real large-scale unlock is not happening this month, but next month. Based on the information available now, a large number of shares will be gradually released in the coming period. Before the unlock arrives, market funds are often more willing to trade expectations ahead of time, because the circulating float is relatively small, making it easier to form an upward trend.

So at this stage, the biggest focus is still on funds and sentiment. As long as market heat is still there and funds continue to flow in, SPCX still has the momentum to push upward. As for how far it can go in the future, the market will answer—but at least from the current stage, the main funds clearly don’t seem to be done yet.