$SpaceX(SPCX)$ One thing many investors might be overlooking here isn't valuation—it's positioning.
At a roughly $2.1 trillion valuation, institutional ownership is only about 6.8%, or around $143 billion. That's still a relatively light footprint for a name of this scale.
The real question isn't "is it expensive?"—it's "who still has to buy?"
If broader index eligibility expands and institutional ownership moves toward a more normalized 15–20% range, that implies hundreds of billions in incremental demand over time.
In that setup, near-term price action is likely driven more by flows, passive allocation, and forced exposure than by traditional valuation models.
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