China has joined the tiny club of players able to land an orbital rocket booster, and that is bad news for SpaceX's assumed monopoly — and possibly for its share price.

• Chinese startup LandSpace landed a reusable booster at sea, the country's second such success.
• Other companies and countries are racing into the same technology, so the profitable head start SpaceX enjoyed is closing fast.
• More SpaceX shares are being unlocked for trading this year, putting the private valuation to the test just as competition heats up.
• Elon Musk is pitching space data centers and an "abundance" future with no money, promises that look far away from what the rockets can actually do today.
• Tesla is leaning on celebrity marketing and events while its self-driving cab and "flying car" projects still do not work as advertised.

Outlook: Expect more Chinese and European reusable rocket launches, and more pressure on SpaceX and Tesla valuations as the promises get harder to defend.