Bearish bets on SpaceX reach $25 billion as 185 million shares are sold short, up from 40 million shares three weeks ago.
Short sellers have ramped up positions against SpaceX, pushing bearish wagers to nearly $25 billion as the stock trades near its $135 IPO price. About 185 million shares, or 29% of the public float, are now sold short, up sharply from 40 million shares three weeks ago.
SpaceX shares have fallen roughly 20% in July, briefly dipping below their IPO price this week. The stock last traded at $136, down from stronger post-debut levels. The surge in short interest precedes a potential lockup expiration that could release more shares into the market.
The company’s initial public float represented just 5% of its 13 billion shares outstanding. Analysts expect a major unlock around its second-quarter earnings, which may free up 11% of outstanding shares for trading.