SpaceX Lock-Up End Risks $2.7T Valuation

SpaceX surged 53% post-IPO to a $2.7 trillion market cap on a mere 4% float, driven by scarcity not fundamentals. Lock-up expirations for employees and early investors begin after Q2 earnings in late July. S&P 500 inclusion requires GAAP profitability, unlikely before mid-2027.