So is SPCX price discovery even real right now?

I keep seeing people talk about the SpaceX price like it already proves demand is insane, but I’m still stuck on the selling side. If IPO allocated holders risk losing access to future IPOs by flipping, and insiders/large holders aren’t really selling yet, then how much of this is actual price discovery? A price can go up fast when buyers are excited and natural sellers are basically discouraged from selling. Maybe that’s just how IPOs work, but it feels weird watching everyone treat the first f