The thesis we dropped in the Space is already printing. 4x oversubscribed on a fixed price and size book. That demand doesn’t clear, it spills straight onto the tape on day one. A friendly whale is already leaning into exactly that with 200k $SPCX. $100B of retail demand, most of it still unfilled. Index funds forced to buy ahead of fast-track inclusion. Every cohort is a buyer. The sell side is locked up. Lockups keep the float thin on day one. Forced demand into frozen supply; that’s the whole trade. The perp has already done serious work, trading well through the $135 strike (now 171). This is no longer a direction bet. It’s a basis game. We are positioned. Texas hedge is ready @elonmusk. Take us to space. Full breakdown from the Space: • Intro: $SPCX History in real time. • Why this is the biggest IPO ever ($75B raise, 3x Aramco, $1.75T valuation) • What SpaceX actually is: the Starlink money machine building humanity’s future • Why it matters to the market (and to D2) • The lockup asymmetry: who can sell day one vs who cannot • How we’re taking advantage on @HyperliquidX • D2: TradFi → on-chain arb • Texas hedge: doubling down, not hedging • Alpha at the end Fade D2 <> Hyperliquid <> Bloomberg at your own risk.