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After SpaceX's $100 billion lock-up expiration, the stock rose 12% instead of falling. So where did the expected selling pressure go? The market was waiting for employees to dump shares, but SpaceX didn't sell off; instead, it squeezed the shorts. This time, about 912 million shares became eligible for sale, while the circulating shares before the lock-up were only about 639 million, corresponding to a potential selling pressure exceeding $100 billion. But the lock-up expiration means "can sell," not "must sell." SpaceX had already fallen from a high of $225 to around $108, even dropping below the $135 issue price. At this level, employees and early shareholders willing to clear out might be fewer than expected. The financial report isn't bad either: quarterly revenue of $7.814 billion, a 92% year-over-year increase, and losses narrowed to $541 million. More importantly, shorts had already positioned themselves ahead of the lock-up expiration. Actual selling was less than expected, forcing shorts to cover, which pushed the stock price up. The selling pressure hasn't disappeared; it just hasn't appeared yet. Next, watch the $135 level—if it holds, it means the market has truly absorbed it; if it can't break through, this batch of selling pressure might just be delayed by a few days. $XSPCX $SPCX #AIMemoryBullTest #FedHawksVsWeakJobs #SpaceXUnlockRebound