A quick note on SpaceX (SPCE) and why it unironically isn't over

Cut 40% off the highs this week on a "dilution" headline. The headline is smaller than the candle0 Same thing happened to LUNR 1 year ago and sent it to $4. Here's the setup: They're redeeming up to $30.5M of 9.80% notes with stock (after $10M in May). That's retiring expensive debt while the price is elevated not a desperate cash raise. Tiny against a 100M share count. Operating timeline unchanged. SpaceX lists June 12 (SPCX) ~$1.75T, ~$75B raise, biggest IPO ever, 30% retail allocation. SPCE is the cheap,