Three key time points for SpaceX's launch: 1. Tomorrow, June 12th, it will officially go public, and a portion of the locked up funds previously subscribed will be released. It is believed that the earliest mention of SpaceX's IPO capital injection occurred during the subscription stage after the roadshow before the IPO, rather than after the listing as many people previously claimed. Officially listed, funds that have been subscribed but not allocated quotas will be released. 2. On July 7th, which is the first trading day after Independence Day weekend and the 15th trading day after SpaceX's IPO, the Nasdaq 100 index will officially be included in SpaceX. At that time, major index funds such as Vanguard CRSP and FTSE Russell must unconditionally and passively build positions in the open market based on the float adjusted mechanism. The market estimates that the passive buying volume of this part is between 8 billion and 18 billion US dollars (closer to 15 billion US dollars). Due to the inability of existing shareholders to sell their stocks at this time, the free circulation in the market has dropped to its lowest point. Between June 12th and July 7th, it was mainly the IPO chips (more than 4% of the shares) that played a full game, relying on funds and emotions. After July 7th, passive funds such as index funds came in to take over. 3. Two trading days after Q2 financial report At the end of July or early August, after the first financial report (Q2 report) after the IPO, 20% of eligible restricted shares can be released. If the stock price rises by 30% compared to the IPO price, an additional 10% will be released; Afterwards, the release rhythm has already been disclosed