SpaceX shares held up after lockup restrictions on roughly 911.5 million shares expired on Aug. 6, with the stock rising about 16% on Friday and reclaiming its $135 IPO price on Monday instead of falling under the weight of newly eligible supply. Steve Eisman, known for "The Big Short," said on his podcast "The Real Eisman Playbook" that SpaceX is unusually hard to value because Elon Musk has "believers, not investors," arguing that the company does not trade like a typical business whose valuation depends closely on a clearly defined model. Eisman described SpaceX's first quarterly report as a public company as "very mixed at best." Revenue rose 92% year over year to $7.8 billion, net loss narrowed to $541 million, and capital expenditures climbed to $18.4 billion, with about $15.8 billion reportedly directed to AI infrastructure. He said the market is left weighing whether SpaceX should be viewed as a satellite and rocketry business with monopolistic characteristics, an AI company behind OpenAI and Anthropic, or some combination of both. Based on second-quarter revenue annualized to about $31.2 billion and a market capitalization he put near $1.6 trillion, he called the valuation "a tad expensive." The lockup expiry did not automatically mean the shares were sold, only that they became eligible for sale. Prediction market Polymarket showed traders betting the rebound could continue, assigning SpaceX a 70% chance of touching $140 in August and a 66% chance of reaching $145, with roughly $56,400 traded on that market. Still, Reuters reported retail investors were net sellers of SpaceX for the first time since its June IPO on Friday, offloading a net $4.5 million of shares even as the stock advanced. More restricted-share tranches are due to become eligible for sale later this year, leaving further tests ahead for Eisman's view that investor loyalty may matter more than conventional valuation signals.