SpaceX is back in the spotlight as a rocket stage smashed into the moon and early investors got their first chance to cash out, drawing a skeptical eye toward the hype around Elon Musk's empire.

• A SpaceX rocket stage hit the moon, confirmed by telescope sightings, and South Korea's space agency shared before-and-after images of the debris.
• Early SpaceX investors can now sell part of their holdings as the first lockup restrictions expire, and Wall Street was selling the stock heavily even as the price rose.
• Big-name backers are pumping the stock hard, with one investor admitting 75% of his portfolio is in SpaceX and Kevin O'Leary calling this the time to buy.
• A government watchdog found Musk's DOGE overstated its claimed $110 billion in federal savings, adding to doubts about the surrounding hype.
• Separately, Meta was ordered to pay nearly $1 billion in a New Mexico case tying social media to a youth mental health crisis, and lawmakers are pushing "kill switch" bills to shut down rogue AI.

Outlook: More SpaceX lockups are set to expire in the coming weeks, likely pressuring the stock even as boosters keep talking it up.