SPCX's financial report exceeded expectations, but the stock price plummeted. The value of the tweet on June 22nd is still increasing! (Technical analysis attached at the end of the article) The numbers on this financial report are not bad. Revenue increased by 92% year-on-year, adjusted EBITDA nearly doubled, net loss continued to narrow, and Starlink's user base and profits are also growing rapidly. But a good financial report does not necessarily mean that the stock price will rise. What truly determines the trend after the financial report is whether this performance meets the market expectations corresponding to the current valuation. On June 22nd, during the initial launch of SPCX, I wrote a paragraph: Passive fund buying can affect short-term trends and determine the long-term direction of a stock based on its growth rate and market expectations. At that time, many friends placed their hopes on Russell MSCI、 Subsequent purchases of index funds such as Nasdaq 100. I have compared the trend after Facebook went public. After Facebook went public, it was gradually included in multiple indices, but the stock price did not immediately emerge from the main upward trend. The real change in Facebook's fate was the explosion of mobile advertising revenue in its 2013 financial report. For the first time in the market, Facebook not only has a huge user base, but also has strong commercial monetization capabilities. After the growth rate exceeded expectations, valuation, funds, and emotions began to resonate. Now looking at SPCX, the same logic appears again. The market chooses to sell after a "good financial report" is released, and the core comes from poor expectations. With the current market value and post listing market heat of SPCX, investors need to see more than just "rapid growth". What everyone expects is stronger revenue growth, faster profit release, and the massive investment in AI and aerospace businesses that can be converted into cash flow earlier. The early morning financial report is strong enough, but there is still a gap between the optimistic expectations previously included in the stock price. The market believes that based on the current valuation, the company's performance is not impressive enough, and the valuation that was overdrawn in advance naturally needs to be repriced. At the same time, SPCX is about to undergo its first large-scale unlocking after going public. The shares held by some employees and some early investors will gradually qualify for trading. The lifting of the ban does not necessarily mean that all these shares will be sold, but as the potential circulation increases, the market often faces pressure from early trading supply. The financial report did not catch up with high expectations, and the lifting of restrictions has increased short-term chip pressure. The combination of these two forces makes it not surprising for funds to choose to cash in first. From a technical perspective, the rebound of SPCX since 104.83 has the potential to expand into a large-scale rebound against the overall decline (red box in Figure 1), as shown in Figure 2 CRCL's first financial report. The premise is not to fall below the support levels of 113.2 and 109 again, otherwise it may just be a small rebound and pull the barrier again.