SpaceX is up 20%+ since its IPO. Is it a trap or an absolute no-brainer?

So, Elon finally did it. After years of promising that SpaceX would stay private until we literally have a city on Mars, the company officially hit the public stock market. And man, the market went absolutely wild.
If you bought in on day one, you are probably smiling right now. Since its public debut, the stock has already surged by over 20%. That is a massive growth for such a huge company in a short time. Most of this hype is coming from Starlink completely dominating global satellite internet, plus those massive government contracts that basically guarantee SpaceX keeps printing money.
But let's be real for a second... is this a massive bubble?
We all know how it goes with Elon Musk companies. The hype is always off the charts. On one side, SpaceX is a beast—they are literally crushing the competition and making space travel way cheaper than anyone else can. But on the other side... the valuation right now is crazy high. One bad mistake or an unexpected explosion during the next Starship launch, and we could see a pretty nasty panic on the charts.
What do you guys think? Are you buying the hype at these prices, or are you waiting for a drop? A 20%+ gain right out of the gate is tempting, but jumping in at the all-time high always feels a bit sketchy. Let me know in the comments.