SpaceX Short-Sellers Lock in $3.88B as SPCX Falls Below IPO Price

SpaceX’s newly public SPCX tumbled toward its $135 IPO price, with short-sellers racking up about $3.88 billion in paper profits as shares slid to as low as $132.15. About 181 million SPCX shares (roughly 28% of the float) have been sold short, per S3 Partners, with investors adding nearly 37 million shares last week (~$5 billion) to short positions. The decline has wiped out a large portion of SpaceX’s value, and the company is also eyeing its 13th Starship test flight and its first quarterly earnings—events that could bring lockup expirations and more tradable shares, keeping volatility high as the IPO-period dynamics play out.