PITOK

🚨 THIS MAY BE THE MOST MANIPULATED VALUATION THE STOCK MARKET HAS EVER SEEN. Only 4% of SpaceX shares are actually trading right now. The entire $2.5T valuation is being calculated from a tiny sliver of shares while 96% of the company remains locked up. This is the stock market version of a crypto FDV scam. In crypto, people separate: • Circulating Market Cap • Fully Diluted Valuation (FDV) Because everyone knows a token with only 4% circulating supply can look massively overpriced once the rest unlocks. SpaceX right now is being valued almost entirely on its FDV. The real “circulating” value of SpaceX is closer to $90-120 billion based on the actual tradable float. And the craziest part? The rules were literally changed right before the IPO. Nasdaq removed its 10% float requirement. Cut seasoning periods to 15 days. And added special float multipliers that massively boosted SpaceX’s index weight. Then trillions of dollars in passive ETFs were forced to buy the stock regardless of valuation. That created artificial demand for an artificially tiny float. Now look at the fundamentals. SpaceX generated just $18.7B in revenue last year. Amazon generated $717B. Yet SpaceX briefly traded near Amazon’s valuation. SpaceX is valued like the 4th largest company on earth while not even ranking inside the top 100 globally by revenue. And unlike Nvidia, Microsoft, or Amazon: SpaceX is currently LOSING money. The company went from an $8B profit in 2024 to a $4.9B loss after absorbing xAI’s massive cash burn. The stock is trading at roughly 110-130x sales. The S&P 500 average is 3.5x. Nvidia trades around 20x. And this is where it gets dangerous: The current float structure does not last. Between August and December, the float could expand roughly 13x as insider lockups begin expiring. That means billions of additional shares may eventually hit the market after the current price was established using only 4% supply. Crypto investors have seen this movie many times before. And what comes after that is always a CRASH.