A few days ago I posted that the SpaceX valuation isn't worth chasing, and even mentioned that if it continues to rise, the risk-reward ratio for shorting with low leverage will become increasingly favorable.

Looking back now, the market has already started to realize this logic.
But what I want to say is that I think this story might not be over yet; currently, the valuation for SpaceX is still close to an astronomical level, and the market is valuing not just performance, but Mars, AI, Starlink, and Musk's personal halo.
The problem is, stories can be told infinitely, but chips won't be locked in forever. Once a large amount of early shares and employee holdings start circulating, higher prices will more easily trigger profit-taking demands.
And when the market cap has already reached the position of the top global companies, every step upward requires massive new capital to take over.
So for me, around 160 is still not a good point to chase long. Of course, I won't blindly go all-in on shorting; I still hold my short position at 200.
The biggest risk with this kind of stock has never been fundamentals, but emotions.
But if I had to choose between the two, I still prefer to be on the short side, continuing to wait for valuation normalization with low leverage.
The market can be crazy for a long time, but it rarely stays crazy forever.
$SPCX ‌#Gate股票7x24小时交易