Hold.

Each swSPCX is a pro-rata slice of everything the vault holds: its liquidity in four Meteora DAMM v2 pools and its idle reserves. Its value is read from the pool and reserve accounts, not from an oracle.

How swSPCX is valued

What one swSPCX holds, token by token:

for each token k:
  per_share[k] = ( Σ over vault pools p holding k:  L_vault[p] / L_pool[p] × pool_reserve[p][k]
                   + idle_reserve[k] ) / supply

L_vault[p] is the vault's position liquidity in pool p, L_pool[p] the pool's total liquidity, and pool_reserve[p][k] the pool's balance of token k. All of it is on-chain.

To show one number, the app prices each token in USD from the pools and adds them up: 1 swSPCX = $X. That USD value is what the app displays.

What swSPCX is exposed to

swSPCX is mostly SpaceX, but not 100%. Two of the vault's pools pair a SpaceX token with USDC (SPCX / USDC) and with SOL (SPCXx / SOL), and the vault keeps small idle balances of every token. So swSPCX's value is a mix of SpaceX, USDC and SOL:

when SpaceX rises, swSPCX rises a little less than SpaceX, and when it falls, a little less too;
when SOL moves, the SOL part moves with it;
the mix shifts over time as traders trade against the pools and the keeper rebalances.

The app shows the current mix and its USD value, so you always see what one swSPCX is made of.

Where the growth comes from

Three sources, none of them an oracle:

Pool fees. Every swap in a vault pool pays 0.30%, and most of it compounds into the pool's reserves, so each unit of the vault's liquidity is backed by more tokens.
Auto-balancing. The keeper moves the vault's liquidity toward the pools whose fees earn the most.
Arbitrage. The keeper's swap cycles only land when the vault ends with more of the token it started from. 80% of that profit stays in the vault.

None of them is promised: they depend on trading volume and price gaps between pools. See Fees.

Verify it on-chain

Every figure in the app can be checked against the pool accounts, the vault's reserves and the swSPCX mint on Solana Explorer. The addresses are listed under Contracts.