Summary

• SpaceX sold 639M shares at $135, raising $86B (after full exercise of the overallotment option).
• Cumulative SPCX volume across the first three sessions reached approximately 1.08B shares against the IPO float of 639M, 1.7× turnover of the available share base in three trading days.
• 95% of the company's equity is locked up by insiders, management, and early investors.
• Approximately 2B shares, roughly 3.1x the current float, become eligible within 90 days.

While debate over whether SpaceX (SPCX) deserves a $2.5 trillion valuation remains intense, the more tangible question is how the market rapidly absorbed and recycled a relatively small public float and when upcoming lockup