SPCX continued to rise sharply from last night until today, reaching around $228 before trading. The fundamental narrative is mainly influenced by these points: Firstly, there is strong demand after SpaceX's IPO, and underwriters have fully exercised their over allotment rights, further expanding the fundraising scale; Secondly, the long-term growth story behind the company is significant, including Starlink user growth, leading position in launch business, government and defense contracts, as well as future AI/orbital data center related imagination space; Thirdly, Musk's very aggressive long-term revenue target given yesterday has led the market to reprice SpaceX using the logic of "space infrastructure+AI entry". In addition, the purchase of ARK/Cathie Wood after the IPO further strengthened the market's expectation for institutional funds to enter the market. My opinion: This round of rise is certainly supported by fundamentals, but in the short term, it surged to 228, which should be the driving force of low sentiment and chip structure The small circulation of Spcx's new stocks, high popularity among retail investors, and gamma expectations brought about by the upcoming launch of options are all amplifying the volatility. SPCX is no longer a common growth stock in traditional valuation frameworks, but more like trading Musk's imagination of the space economy for the next decade in advance. This kind of market belongs to high volatility, and both long and short positions have reasons to play games. It depends on whether they can hold around 220 after the opening, and whether the options market will continue to push their emotions up. Short term games involve some short positions after a sharp rise. Those who chase long positions are afraid to do so. What is the concept of a market value of 3 trillion yuan? It has already exceeded the total market value of all the cryptocurrency circles.