SpaceX’s special feature is that it’s not a typical company. When the market buys it, it’s not looking at short-term profits, but rather: Starlink growth, rocket launch business, defense orders, and the potential of AI infrastructure. If these long-term logics continue to strengthen, the pressure brought by the unlock may only be short-term fluctuations. But if the market finds that the valuation has already priced in growth for many years ahead, then the unlock will become a window for capital to renegotiate terms.