Space stocks got torched Friday as SpaceX (NASDAQ:SPCX) opened for trading, and a short seller attacked six names in the sector.
SPCX stock is open for trading. See the chart and price action here.
Fugazi Research published a short report targeting six publicly traded names, declaring that the commercial space sector is “not an industry in the conventional sense of the word but a capital recycling mechanism dressed in the aesthetic of human ambition.” The firm added that the sector’s “business plan portfolio reads as a list of sci-fi wishes rather than a collection of investable commercial opportunities.”
Short Thesis
The firm’s central thesis: the sector’s entire premium rests on one trade — buy public space proxies before SpaceX goes public via its SPCX listing, then ride the re-rating.
