RDW ran 223% YTD purely on SpaceX IPO halo trade excitement — not on fundamentals. The business missed Q1 on both EPS and revenue, is losing $343M annually, won't be profitable in 2026, and the stock's biggest bull just downgraded it citing valuation. Average analyst target is $14.44 vs current $21.25. The SpaceX proxy narrative fades June 12. The 82% float expansion shelf is live overhead. Nothing about this company justifies a $4B+ market cap. Sold into the fade during the SpaceX IPO.