SpaceX (SPCX.O) shares have slipped below their offering price, triggering heavy
short activity. Short positions total roughly 181 million shares, about 28% of
the float, yielding approximately $3.88bn in unrealized profits. Since the June
16 closing high, SpaceX’s market cap has fallen by about $860bn, roughly
one-third. Investors are watching the company’s imminent first quarterly report
and forthcoming lock-up expirations for further price pressure.
