SpaceX's market value evaporated by 900 billion in a single day—does the market interpret the computing power contract as capital expenditure pressure?

On the day the computing power agreement was signed, the stock price dropped over 16%. The market interprets the $6.3 billion computing power contract as capital expenditure pressure rather than revenue growth. This indicates that the current market valuation framework for SpaceX has shifted from "narrative premium" to "cash flow scrutiny."

Is a 2.1 trillion valuation still tenable under this framework? I believe it is not. SpaceX has always relied on future narratives and government contracts to support its valuation, but now the market is starting to do the real math. Once capital expenditure pressure is repeatedly priced in by the market, the valuation will remain under pressure.

This is not short-term volatility; it is a fundamental shift in the pricing logic.