SpaceX just reset to $176.

Two days ago it touched $225. The IPO priced at $135.

Nothing in the filings changed between $225 and $176. The story did not get worse. The price simply stopped pricing the dream and started pricing the disclosure.

That is the reset. Not a crash. A move back toward what can be underwritten today.

The IPO pop priced the rocket. The Sunday tweets priced the imagination. The Cursor deal priced the AI story. $176 is the market asking the Tie-Out question for the first time. How much of this actually ties out?

Up here, narrative sets the ceiling. Cash flow and disclosure set the floor. The reset is the gap closing.

Admire the rocket. Watch the AI narrative. Underwrite the reset.

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