The ~$337 price as a stand-alone economics floor plus an implicit SpaceX merger option, gated by two keep-alive conditions and branching into a realized re-rating or a collapse back to fundamentals, with the GARP buy trigger at the branch point. ~$337 market price today: unresolved · nothing filed implicit SpaceX merger option the gap above fundamentals stand-alone economics floor thin margin · negative FCF deal odds non-trivial Musk won't rule out a deal Musk rules it out one condition breaks deal formalizes re-rating realized dilution for SpaceX upside deal collapses revert to fundamentals current multiple → downside buy trigger: term sheet buy trigger: margin inflection trigger = branch point: term sheet (tolerable dilution) or margin inflection — not the unresolved state