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Everyone expected the unlock to dump $SPCX. Instead, it ripped about 6%. But I’m not calling the unlock risk “fully absorbed” yet. The setup was almost too obvious. High capex, losses, and up to 911.5M shares entering the sellable window had shorts piling in early. When the actual unlock hit and sellers didn’t immediately show up, shorts got squeezed and stops turned into market buys. That’s the easy part. The real test comes after the squeeze. If unlocked shares gradually hit the market and price starts cracking again, this rally may just be creating liquidity for sellers. If $SPCX keeps absorbing that supply, then I’ll start believing the unlock overhang is actually gone. For now, my read is simple: shorts lost round one. Bulls haven’t won the war. $SPCX #财报观察员：空头回补成焦点，SpaceX后续怎么看？