For Starship, investors are likely to focus on execution milestones, launch cadence and any signals around the path toward operational payload launches. We believe the current valuation is attractive (under 17x consensus 2028 EBITDA), but we believe investors are focused on long term challenges, looking past near-term strength and strong fundamentals. Increasingly, we believe investors are also focused on a potential merger with Tesla, which we detailed in a recent note. The first lock-up period for SpaceX is scheduled for August 6, 2026, two days after the company reports 2Q26 earnings. We believe SpaceX is likely to attempt to catch the next Starship with the tower on the next launch.