1) Subscription enthusiasm: IPO oversubscription nearly 4 times, total subscription funds exceeding $350 billion; 30% of shares allocated to retail investors, with retail participation far higher than traditional large tech IPOs.

2) Capital structure:

• Long positions: Long-term sovereign funds, tech growth institutions, thematic track funds continue to allocate; Oppenheimer's initial coverage gives a target price of $190, with a bullish logic of space infrastructure monopoly + AI computing power synergy.

• Short positions: Large short positions appear in the secondary market, with the largest on-chain short holding at 111k shares, an average cost basis of $173, a liquidation line at $249, and unrealized losses continuously widening, with short sellers under significant pressure.
3) Green shoe stabilization mechanism: The 30-day over-allotment option takes effect, allowing underwriters to buy shares to stabilize the stock price during declines, suppressing the probability of a sharp short-term plunge. #SpaceX跻身全球资产排名第八