Full Breakdown
SpaceX Short Sellers Accumulate $15.5 Billion in Paper Gains as Shares Slip Below IPO
7/24/2026, 12:10:19 AM
Core Event – Short-Seller Profits Surge After Post-IPO Decline
Since SpaceX’s mid-June initial public offering, short sellers have amassed an estimated $15.5 billion in unrealized profit, according to analytics firm Ortex Technologies. The profit estimate was reported on July 23 after the stock fell below its listing price of $135, reaching a low of $115.26.
Background & Data – Record IPO, Rapid Price Drop, and Scale of the Bet
SpaceX priced its Nasdaq debut at $135 per share on June 12, raising a record $85.7 billion. The shares closed the first session at $160.95 and hit an intraday high of $225.64 on June 16. By late July the price was roughly 45 % below that high and below the IPO price.
Short-interest data vary across providers. S3 Partners and Ortex report about 206 million shares short—roughly 32 % of the tradable float—valued at ?$25 billion in bearish bets. Reuters cites 360 million shares (?56 % of the free float) as out on loan. The securities-lending market shows borrowing demand climbing sharply, with EquiLend noting utilization of the lendable pool at 22 % and the cost to borrow rising 66 % to 150 basis points in one week.
Official Statements & Responses – Views from Musk and Ortex
SpaceX CEO Elon Musk posted that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low.” Ortex co-founder Peter Hillerberg said short sellers are “leaning in harder” despite the price decline.
What’s Next – Earnings Report and Lock-Up Expirations
SpaceX has confirmed that its first quarterly earnings as a public company will be released after market close on August 4. The scheduled lock-up expiration that follows could trigger additional insider selling, a catalyst short sellers have been positioning for.
