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$SPCX — Why does the stock keep declining? The answer may be simpler than it looks. 📉 The biggest issue is valuation. Its market cap and share price remain significantly higher than many comparable companies, while quarterly revenue is around $18.3–18.4B and cash flow has remained under pressure. Another factor is share dilution and unlock-related selling pressure. Since the August–September period and the Q3 earnings report, additional shares have increased the potential supply in the market. Early investors also have extremely low cost bases, so some may continue holding while others choose to lock in substantial profits. Recently, $SPCX rallied toward $149 before falling back to around $139, while another unlock event in August is approaching. The previous unlock didn’t trigger a major crash, but the broader trend remains weak. The stock went from roughly $220 to $139, and current data still doesn’t show convincing evidence of a strong reversal. The initial listing attracted huge attention and liquidity, but enthusiasm has cooled. Buying demand appears weaker while bearish sentiment is gaining control. There’s also another risk to watch: Starship testing has faced multiple setbacks. If additional problems or repeated failures occur, investors may reassess the company’s valuation and growth expectations. For now, the key questions are unlock pressure, valuation, cash flow, and Starship execution. Until those factors improve, a sustained rebound may remain difficult. #WeakConsumptionFedSplit #SP500EarningsGap