
Three people watching tomorrow's SpaceX unlock, translated for crypto natives: The employee with $27.65 options is the team allocation hitting its cliff. The SPV buyer is the private round whose tokens arrive after the top. The retail guy who bought the $150 open is the TGE candle. Low float, high FDV, nine-tranche vesting, even a price-triggered accelerated unlock that assumed the stock only goes up. TradFi didn't invent a new structure. It just forked ours.

