SpaceX priced at $135 on 11 June and raised $75B at roughly a $1.75T valuation — more than twice Saudi Aramco's $29.4B record. Cerebras listed 14 May, raising $5.5B. Consequently Coatue, Tiger Global, Altimeter, Third Point and Nvidia itself all show SpaceX or Cerebras as "new positions." Much of that is primary allocation, not accumulation. Reading it as a crowded conviction trade is the single most common error in this quarter's 13F commentary.