The speaker is watching someone they care about, a person named Kay, according to the dedication under the title. Kay keeps their distance and rarely speaks, but the speaker has noticed the "tidal wave of emotion" underneath that silence. Seeing Kay smile made the speaker happy, and they've spent a lot of time waiting for Kay to open up.
The feeling here is tender and a little anxious. The speaker admits they have "wished upon many stars" for Kay's happiness, which sounds both hopeful and helpless, since wishing is all they can do. The short, broken lines add to that hesitant mood, as if the speaker is afraid of saying too much. The ending explains the fear: sharing feelings is scary, and once something is said, "things won't be the same." Judging by the final line, the speaker knows how fast life can shift. The poem feels like a quiet message from someone who cares, but isn't sure Kay is ready to hear it.