The short-term funds that entered the market after the opening of SpaceX's IPO are currently generally in a floating loss state. From the perspective of growth stock pricing theory, the short-term price of new stocks is dominated by liquidity and market sentiment, rather than the actual industry's ability to cash in. Periodic book losses are the norm for high growth track new stocks, and do not necessarily mean permanent damage to the intrinsic value of the enterprise. The short-term risks associated with this round of drawdown are clear and concentrated: 1. The proportion of circulating stocks is extremely low, the chip structure is fragile, and the inflow and outflow of funds are easily triggered by sharp rises and falls; The lifting of the original shareholder lock up in August is imminent, which has triggered early selling pressure and continued to suppress stock prices; 2. Valuation overdrafts forward expectations in advance, with extremely low margin of error for high market to sales ratios. As long as capital expenditures and user growth fall short of expectations, valuations will be quickly killed; 3. Continuous large-scale capital consumption, Starship iteration, and xAI computing power construction have suffered huge losses for many years. Shortly after going public, they launched a $20 billion bond financing. The market is concerned about the continued expansion of debt and the long-term inability to converge the free cash flow gap; 4. Regulatory and competitive disturbances: There is uncertainty in FAA rocket test flight approvals, Amazon's Kuiper and other satellite competitors divert customers, and multiple countries around the world have introduced satellite spectrum regulatory policies to suppress the expansion of satellite chains; 5. The equity governance is centralized, and Musk has absolute voting rights. Cross border investments and large-scale mergers and acquisitions have the potential for business dispersion and equity dilution. The long-term growth logic of the industry has not changed by fully spreading out short-term risks and lengthening the 10-year cycle: Star Chain has become the only low orbit satellite Internet in the world to achieve large-scale profits, covering hundreds of countries and hundreds of millions of blank markets, and satellite direct connected mobile phones open the second growth curve; Once the starship completes normalized reuse, it will compress the cost of space transportation by an order of magnitude and open up the market for lunar station construction and deep space transportation; By combining orbital space computing power and integrated communication ecology, the long-term track covers global broadband, space industry, and interstellar exploration. In the short term, it is the fluctuation of capital game, while in the long term, it is the era dividend of the entire human space infrastructure that is being bet on. SpaceX Commercial Space Growth Investment