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What caught my attention with SpaceX was not the 911.5M-share unlock itself. It was how the market handled it. That amount is larger than the roughly 639M shares originally sold in the IPO, so on paper this was a serious increase in available supply. Normally, that creates a simple fear: insiders get liquidity, more shares hit the market, price comes under pressure. Instead, SpaceX jumped after the restriction expired. To me, that says part of the selling risk had already been priced before the actual event. The market spent days preparing for supply that did not arrive as aggressively as feared. But I think the bigger story starts now. SpaceX also reported $7.8B in quarterly revenue, around 90% higher YoY, while posting a $541M net loss. The uncomfortable number was spending: AI infrastructure investment reached roughly $15.8B as the company builds much deeper into compute. So the question is slowly changing. Before the unlock, investors were asking: Who will sell? Now they need to ask: How efficiently can SpaceX turn this enormous infrastructure spending into future cash flow? More lockup tranches are still coming, with around 40% of shares expected to become tradable by December. That keeps supply risk alive. The first unlock tested liquidity. The next phase tests execution. $SPCX $SNDK $BTC #SpaceXUnlockRebound #AIMemoryBullTest