Let's discuss RKLB's latest ATM (Auction, Purchase, and Transfer) stock offering plan. RKLB signed a new stock allocation agreement yesterday to sell common stock via ATM, with a maximum total of $3 billion. Since March 2025, RKLB has conducted four ATM stock offerings, raising nearly $4 billion to $5 billion if all are completed. This demonstrates a continuous stream of funds raised from the market. There's been much discussion, and here are my personal thoughts: 1. The timing is excellent. With SpaceX's IPO approaching, the space economy sector will receive significant attention in the near future. Raising a large sum of money during a favorable market is a very wise move from a business perspective, allowing them to strengthen their balance sheet while valuations are high and the market is bullish. 2. Why raise so much money? The company's filings with the SEC are very standard, stating the funds will be used for growth, acquisitions, and future operating expenses. In my opinion, there are two main points: 1) To reserve ammunition for future mergers and acquisitions and vertical integration. RKLB has a history of numerous acquisitions, giving the company extensive experience in M&A and integration. These past acquisitions have enhanced the company's competitiveness in many dimensions. The company recently completed the acquisition of Mynaric, strengthening its laser optical communication capabilities and establishing a European business footprint; it also signed an acquisition agreement for Motiv, aiming to in-house manufacture satellite components with limited supply or high costs, such as solar array drive components and precision motion control. This indicates that management's intention is not simply to cover losses, but to continue expanding along the end-to-end space infrastructure platform of "launch + spacecraft + components + national security". 2) Increasing Capital Buffer for Neutron Launch and Defense Projects In the first quarter, the company simultaneously disclosed 31 new Electron/HASTE contracts and 5 new Neutron launch contracts, exceeding the total number of launch orders for 2025; it also mentioned projects such as Space Based Interceptor, MACH-TB, Neutron first flight hardware integration, and Archimedes engine qualification. These projects share common characteristics: high upfront investment, working capital, inventory, and engineering redundancy all require significant cash reserves. Sufficient financial reserves give the company more confidence when bidding for and delivering large projects. Defense and constellation clients consider a supplier's long-term delivery capabilities, and financial strength is a crucial factor. 3. Of course, shareholders will feel uncomfortable in the short term. Especially yesterday's issuance of shares, roughly corresponding to about 4% of common stock, means our holdings were diluted by 4% at once. This led to some rather emotional comments, and the stock price suffered in the short term. Previous share issuances have also caused stock price corrections. However, these corrections may also be short-term buying opportunities. I personally will not reduce my holdings at this point. Back at the end of last year, x.com/qinbafrank/status/200053...…就聊到的逻辑，spacex能带动一波太空经济浪潮，而且之前这里x.com/qinbafrank/status/204110...…也聊到，太空经济局已经形成自循环：低成本发射 → massive satellites → rich data/services → new business models (such as space data centers, zero-gravity manufacturing) → more investment and applications. RKLB is not a second SpaceX; it has its own unique competitive advantages. These competitive advantages have been built up over many years with significant time and capital. From my personal perspective, after SpaceX's IPO and subsequent rally (which will also drive up the overall sector), that might be the selling point for the space economy. I will likely reduce my holdings around that time. This is just my personal opinion for reference.