The livestream shows SpaceX CEO Elon Musk on the day of SpaceX’s initial public offering (IPO) on the Nasdaq MarketSite in New York, USA, June 12, 2026.
Gina Moon | Reuters
Short sellers quickly increase their bets against SpaceXwhich has led to a bearish position on nearly one-third of the company’s public shares as its share price fluctuates around its IPO price.
About 185 million SpaceX shares are currently shorted, representing roughly 29% of the company’s publicly traded shares and about $25 billion in bearish bets, according to S3 Partners. Just three weeks ago, the position grew from about 40 million shares, or about 5% to 7% of total shares.
“We’re seeing continued demand from short sellers taking speculative positions post-IPO,” Matthew Unterman, head of research at S3, told CNBC.
The surge in short interest comes as SpaceX shares struggle after an initially strong debut. The stock has fallen about 20% in July and briefly dipped below its IPO price of $135 for the first time on Wednesday. The shares last traded at around $136 per share.
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SpaceX one month
The bearish position comes ahead of a closely watched blocking schedule that could significantly increase the number of shares available for trading in the coming months. SpaceX’s initial public offering represented only about 5% of the roughly 13 billion shares outstanding, leaving the vast majority of shares still subject to lock-up restrictions, according to KeyBanc Capital Markets.
KeyBanc estimates that the first major unlock could come after the company’s second-quarter earnings report, when about 11% of its outstanding shares could become eligible for sale.
Additional tranches of approximately 4% each are scheduled to be issued approximately 70 days after the IPO, followed by further releases tied to benchmarks and third-quarter earnings, the company said.
The largest stake remains Elon Musk’s stake, amounting to about 42% of shares outstanding, which is locked until June 2027.
The company’s 13th Starship test flight is scheduled for Thursday, a catalyst that could weigh on stock sentiment.
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